Number
250154
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 123 (Northwoods), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 123 consists of one parcel located at 2515 North 2nd Street. The District is being created to assist in the rehabilitation of an affordable housing project containing 72 apartments and approximately 913 square feet of commercial space.
The Tax Incremental District will fund a grant in an amount not to exceed $1,670,000 that will be paid to the Developer in annual payments, for a period of up to 25 years, equal to 100 percent of any incremental tax revenue (less $7,500 in annual expenses) resulting from the increased taxable value of real and personal property in the Tax Incremental District, which monetary obligation shall not exceed the amount of the grant plus interest.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin, with amendments from other chapters of said Laws, created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law;” and
Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and
Whereas, Pursuant to Section 66.1105(4) (a) through (gm), Wisconsin Statutes, on July 17, 2025, the Authority conducted a public hearing on the proposed TID, designated the boundaries of the District, recommended that the District be created, and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Se...
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