Number
241596
Version
ORIGINAL
Reference
121429, 150180 and 160289
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 78 (Northwestern Mutual Life Insurance Company), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 78 was created in 2013 for the purpose of providing funding for The Northwestern Mutual headquarters office project and the Lakefront Gateway Project. Amendment No. 1 to the TID revised the Project Plan to allocate $250,000 to conduct due diligence on the state-owned site at 815 East Clybourn Street and expanded the boundary for the District to match the current property lines of The Northwestern Mutual office project. In 2016, a funding increase was approved, which authorized an additional $6,000,000 towards the Lakefront Gateway Project.
Amendment No. 2 to the District would provide $16,500,000 for public infrastructure improvements and $500,000 in administration, totaling $17,000,000.
Body
Whereas, On April 30, 2013, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 121429, which approved a Project Plan and created Tax Incremental District No. 78 (The Northwestern Mutual Life Insurance Company) (the “District”); and
Whereas, On June 2, 2015, the Common Council adopted File No. 150180, which approved Amendment No. 1 to the District; and
Whereas, On July 6, 2016, the Common Council adopted File No. 160289, which approved a funding increase for the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on February 20, 2025, 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)...
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