Number
251869
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PÉREZ
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 131(FORMA), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 131 consists of one parcel located at 412 South 4th Street. The District is being created to assist in the new construction of an 65-unit multi-family residential building with all units set aside for households earning up to 80, 90, and 100 percent of the Area Median Income.
The Tax Incremental District will fund an annual payment to the Developer for up to 24 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 up to $2,975,000 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 (“Plan”); and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on February 19, 2026, the Authority conducted a public hearing on the proposed TID and the Plan, designated the boundaries of the District, approved the Plan, recommended that the District be created, and submitted such recommendation to the Common Council for approval with the 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 percent, by area, of the real property ...
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