Number
211608
Version
ORIGINAL
Reference
011240, 110324, 191671, 090325 and 140437
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 3 to the Project Plan and authorizing expenditures for Tax Incremental District No. 49 (Cathedral Place), in the 4th Aldermanic District.
Analysis
This resolution approves Amendment No. 3 to the Project Plan for TID 49 (Cathedral Place) to provide up to $1,600,000 to partially fund the design and construction of public infrastructure improvements on North Van Buren Street between East Michigan Street and East Brady Street, as well as on East Kilbourn Avenue between North Jackson Street and North Van Buren Street, within a one-half mile radius of the TID 49 district boundary. The Amendment also provides $100,000 in administrative expenses.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011240, which approved a Project Plan and created Tax Incremental District No. 49 (Cathedral Place) (the “TID 49”) to facilitate the development of the Cathedral Place project; and
Whereas, On July 26, 2011, the Common Council adopted File No. 110324, which approved Amendment No. 1 to the TID 49 Project Plan to provide funding for the Milwaukee Streetcar Project; and
Whereas, On March 3, 2020, the Common Council adopted File No. 191671, which approved Amendment No. 2 to the TID 49 Project Plan to provide donations to TID 74 (North 35th Street and West Capitol Drive) and to provide funding for public infrastructure improvements around Cathedral Square; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on February 17, 2022, the Redevelopment Authority of the City of Milwaukee (“RACM”) 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...
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