NUMB:
000429
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution approving a Project Plan and creating Tax Incremental District Number Forty (North 35th Street and West North Avenue) in the 7th and 17th Aldermanic Districts.
ANLS:
- Analysis -
Adoption of this substitute resolution will fulfill statutory requirements for approving a Project Plan and creating a Tax Incremental District to assist in the commercial revitalization of West North Avenue between approximately North 30th Street and North Sherman Boulevard. This resolution therefore authorizes the Commissioners of the Department of City Development and Public Works, the City Engineer, and other public officials to take such actions as are necessary to accomplish the objectives of the Project Plan, and also authorizes the City Comptroller to create the necessary and appropriate Subaccounts for Plan implementation.
BODY:
Whereas, Section 66.46, Wisconsin Statutes, the "Tax Increment Law," provides a means for cities to finance the improvement of areas in need of redevelopment; and
Whereas, Subsection ("ss") 66.46(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee ("Common Council") and the City Plan Commission must follow to create a Tax Increment District ("District") and approve a Project Plan ("Plan") for the District; and
Whereas, Pursuant to ss 66.46(4)(a) through (gm), Wisconsin Statutes, requiring Plan preparation, notice, public hearing and Plan adoption, the City Plan Commission designated the boundaries of a District along West North Avenue between North 30th Street and North Sherman Boulevard, recommended that the District be created, and submitted the recommendation to the Common Council for approval along with a proposed Plan for Tax Incremental District Number Forty, City of Milwaukee, a copy of which is attached to this Common Council File as Exhibit A; and
Whereas, ss 66.46(4)(g), Wisco...
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