Number
240815
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving a term sheet and authorizing expenditures from Tax Incremental District No. 91 (Park Place), in the 9th Aldermanic District.
Analysis
This substitute resolution authorizes an expenditure up to $65,000 from the business attraction/retention fund established when Tax Incremental District No. 91 (Park Place) was created.
Body
Whereas, The City of Milwaukee ("City") created Tax Incremental District No. 91 ("District") with the adoption of Common Council File No. 170504 on September 6, 2017; and
Whereas, The District consists of sixteen properties at the Park Place office complex to the northwest of the intersection of West Good Hope Road and North 107th Street; and
Whereas, The District was created to pay for a site grant, business attraction/retention funds and public infrastructure improvements; and
Whereas, The District includes funding in the amount of $300,000 to attract or retain office and retail tenants in the District and within a one half-mile radius of the District boundary, per Section 66.1105(2)(f) Stats, fund cash grants or loans to be used for tenant improvements, façade improvements, new signage or other expenses (the “Business Attraction/Retention Fund”); and
Whereas, The Department of City Development has received an application from a new business operator who is leasing the space at 10950 West Good Hope Road, within the TID 91 boundary, and has requested funding assistance related to the business’ façade, signage, and interior renovation expenses (“Project”); and
Whereas, The Redevelopment Authority of the City of Milwaukee discussed the proposed Project and expenditure during a regular meeting and recommended that the term sheet for this Project be approved and submitted such recommendation to the Common Council for approval along with the term sheet, a copy of which is attached to this Common Council f...
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