Number
250525
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 127 (100 East Wisconsin), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 127 consists of one parcel located at 100 East Wisconsin Avenue. The District is being created to assist in the historic rehabilitation and conversion of an office building to a 373-unit multi-family residential building with 20 percent of units set aside for households earning up to 100% of the Area Median Income.
The Tax Incremental District will fund an annual payment to the Developer for 16 years, equal to 100 percent of any incremental property taxes (less $10,000 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount equal to $14,400,000 as further described in the Project Plan attached to this Common Council file.
Body
Whereas, The Wisconsin Legislature created Section 66.1105, Wisconsin Statutes, entitled “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, As required by Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 pe...
Click here for full text