Number
240382
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 121, having an address at 616-618 West North Avenue, currently comprises eight parcels(628 West North Avenue, 626 West North Avenue, 622 West North Avenue, 616 West North Avenue, 2307 North 6th Street, 2317 North 6th Street, 2316 North 7th Street, 2322 North 7th Street) to be consolidated into a single parcel via Certified Survey Map, subject any necessary approvals and conditions. The District is being created to assist in the development of an affordable housing project containing 60 apartments and approximately 28,750 square feet of commercial space.
The Tax Incremental District will fund an annual payment to the Developer for a period of up to 19 years, equal to 100 percent of any incremental property taxes (less $3,750 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 $700,000.
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 July 10, 2024, the Authority conducted a public hearing on the Project Plan, designated the boundaries of the District and recomm...
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