Number
251228
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing a one-year extension to the term of Tax Incremental District No. 39 (Hilton Hotel) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2025 levy.
Analysis
This resolution authorizes the increment received for the 2025 levy for TID No. 39 (Hilton Hotel), predicted to be approximately $900,000, to be used to benefit affordable housing and improve housing stock in the City of Milwaukee.
Body
Whereas, Section 66.1105(6)(g), Wisconsin Statutes, provides that after the date on which a tax incremental district (“TID” or “district”) pays off the aggregate of all of its project costs, the life of the district may be extended for one year and the additional tax incremental revenues may be used to benefit affordable housing and improve housing stock in the city; and
Whereas, On September 24, 2013, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 130460, which created MCO Section 304-96 that provided for the extension of TIDs for one year to improve the City’s housing stock; and
Whereas, On May 13, 2014, the Common Council adopted File No. 131751, a substitute resolution establishing a framework for using tax increments to benefit affordable housing and improve housing stock in the city; and
Whereas, the Mayor and Common Council of the City of Milwaukee deem that protection and improvement of the city’s neighborhoods and housing stock is critical to maintaining a healthy and sustainable community and this funding will help support the housing priorities of Milwaukee’s Housing Trust Fund, Strong Neighborhoods Investment Partnership, In-Rem Property Maintenance, and Partnerships in Affordable Housing for Down Payment Assistance; and
Whereas, the City created TID No. 39 in 2000; and
Whereas, TID No. 39, has collected sufficient incremental ...
Click here for full text