Number
041629
Version
SUBSTITUTE 1
Reference
001778, 040391
Sponsor
ALD. HINES
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 44 (Walnut-Locust Neighborhood Improvement Fund) and authorizing additional borrowing for eligible project activities in the 6th and 15th Aldermanic Districts.
Analysis
Adoption of this substitute resolution will fulfill statutory requirements for amending the Project Plan for TID No. 44. The amendment revises the Project Plan to add borrowing authority to continue redevelopment activities including home construction and rehabilitation in the Lindsay Heights neighborhood, generally bounded by North 12th Street, North 20th Street, West Walnut Street and West Locust Street.
Body
Whereas, Section 66.1105(4)(h)l., Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee (“Authority”), subject to the approval of the Common Council of the City of Milwaukee (“Common Council”), to amend the Project Plan for a Tax Incremental District; and
Whereas, In May of 2001, the Common Council adopted File No. 001778 approving a Project Plan and creating Tax Incremental District No. 44 (“TID No. 44”); and
Whereas, In July of 2004, the Common Council adopted File No. 040391 approving Amendment No. 1 to the Project Plan for the purpose of funding infrastructure improvements for a new single-family development on a site bounded by North 12th Street, North 14th Street, West Brown Street and West Lloyd Street; and
Whereas, Pursuant to Section 66.1105(4)(h)l., Wisconsin Statutes, and following the required notice and public hearing, the Authority adopted Amendment No. 2 to the Project Plan for TID No. 44 (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, The Authority has submitted said Amendment to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)1., Wisconsin Statutes, provides t...
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