Number
130071
Version
SUBSTITUTE 2
Reference
000806, 010319, 120347
Sponsor
ALD. DAVIS
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 42 (Capitol Court/Midtown) and authorizing expenditures, in the 2nd and 7th Aldermanic Districts.
Analysis
The City of Milwaukee created Tax Incremental District No. 42 in 2000. The District was created to assist developer Boulder Venture, Inc. with the redevelopment of the former Capitol Court Mall into the Midtown Center. The purpose of the Project Plan and subsequent Amendment No. 1 were to fund public infrastructure and improvements in the area generally bounded by West Capitol Drive, North 60th Street and West Fond du Lac Avenue to eliminate the blighted and obsolete former mall, promote the coordinated development of underutilized land and vacant buildings, add public improvements and new infrastructure and to create new employment opportunities.
To date, approximately $11,733,773 of net project costs have been incurred, including interest on debt and associated carrying charges, and approximately $14,066,603 of incremental value has been generated in the TID, and an additional $1,500,000 is expected in the 2013 levy. Amendment No. 2 will provide $3,500,000, including Administration totaling $200,000, to assist with improvements and continued occupancy in the District. Funds will assist with the redevelopment of the vacant Lowe’s property, re-tenanting of vacant in-line commercial space, tenant improvements for expansion within the District and new development on vacant parcels in the District. Funds will be shared between an Economic Development Master Fund and a Tenant Improvement Master Fund. Funding of any projects assisted with said Master Funds shall be subject to future, and separate, Common Council approval.
Amendment No. 2 also will provide up to $1,500,000 for the cost of paving six streets within a half mile of the District. These streets are No...
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