City of Milwaukee - File #: 240249

• File #: 240249
• Version: 1
• Type: Resolution
• Status: In Council-Adoption
• File created: 6/11/2024
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Title: Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures, creating Tax Incremental District No. 119 (Midtown Home Ownership Initiative), and approving the termination of all rights and the release of all restrictions governing the property to be redeveloped within the Project Plan area, in the 15th Aldermanic District.
• Sponsors: ALD. STAMPER, ALD. ZAMARRIPA, ALD. BROSTOFF, ALD. BAUMAN, ALD. JACKSON

Date	Ver.	Action By	Action	Result	Tally
6/25/2024	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Appearing: Maria Prioletta, Dept. of City Development Teig Whaley-Smith, Community Development Alliance Deshea Agee, EMEM Group Brian Sonderman, Milwaukee Habitat for Humanity Ms. Prioletta, Mr. Whaley-Smith, Mr. Agee, and Mr. Sonderman gave a presentation. Ald. Zamarripa, Brostoff, Bauman, and Jackson added as cosponsors. Ald. Stamper moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
6/25/2024	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
6/11/2024	0	COMMON COUNCIL	ASSIGNED TO

Number
240249
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. STAMPER, ZAMARRIPA, BROSTOFF, BAUMAN, AND JACKSON
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures, creating Tax Incremental District No. 119 (Midtown Home Ownership Initiative), and approving the termination of all rights and the release of all restrictions governing the property to be redeveloped within the Project Plan area, in the 15th Aldermanic District.
Analysis
Tax Incremental District No. 119 consists of 130 parcels located in the area generally bounded by West Garfield Avenue, West Vine Street, North 23rd Street and North 26th Street. The District is being created to assist in the development and construction of 20 duplexes and 34 single family homes on vacant city owned lots. The development is part of a targeted and coordinated housing initiative in the Midtown neighborhood.

The Tax Incremental District will fund an annual payment to the Developer for a period of up to 25 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from the increased taxable value of real and personal property in the Tax Incremental District, not to exceed an amount sufficient to repay up to $2,340,000.
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 June 20, 2024, the Authority conducted a public hearing on the Project Plan, designated the...