Number
240160
Version
ORIGINAL
Reference
150654, 151790 and 210331
Sponsor
ALD. PÉREZ
Title
Resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 85 (6th and National), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 85 was created in 2015 for the purpose of providing $1,660,000 towards the reconstruction of South 5th Street between West Virginia Street and West Scott Street. In 2016, an $815,000 funding increase was approved for the 5th Street reconstruction. Amendment No. 1, approved in 2021, provided an additional $1,275,000 for public infrastructure improvements in the area.
Amendment No. 2 to the District would provide $7,950,000 for public infrastructure improvements, $500,000 for commercial corridor programs and $250,000 in administration, totaling $8,700,000.
Body
Whereas, On September 22, 2015, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 150654, which approved a Project Plan and created Tax Incremental District No. 85 (6th and National) (the “District”); and
Whereas, On April 15, 2016, the Common Council adopted File No. 151790, which approved a funding increase for the District; and
Whereas, On July 27, 2021, the Common Council adopted File No. 210331, which approved Amendment No. 1 to the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on May 16, 2024, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such ame...
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