Number
191678
Version
ORIGINAL
Reference
010322, 021194
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 46 (New Arcade Project), in the 4th Aldermanic District.
Analysis
This Resolution approves Amendment No. 2 to the Project Plan for the Tax Incremental District No. 46 (New Arcade Project), to allow donation to Tax Incremental District No. 74 (North 35th and West Capitol Drive) and provide for street improvements and improvements to amenities on the streets outside of the district but within one-half mile.
Body
Whereas, With the approval of each of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”) and the Wis. Stat. 66.1105 Joint Review Board (“JRB”), Tax Incremental District (“TID”) No. 46 (the “New Arcade Project”) (Council Resolutions 010322 and 021194, RACM Resolutions 5280 and 9442) and TID No. 74 (the “North 35th and West Capitol Drive TID”) (Council Resolutions 090325 and 140437, RACM Resolutions 10105 and 10490) were created and those TID’s remain in existence and have not been statutorily terminated; and
Whereas, City Department of City Development (“DCD”) staff has recommended that the New Arcade Project TID donate to the North 35th and West Capitol Drive TID by allocating positive tax increments from the New Arcade Project TID to the North 35th and West Capitol Drive TID for each of years 2020-2024, inclusive, and provide funding for improvements to amenities on streets and the street improvements outside of the district but within one-half mile; and
Whereas, Per Wis. Stat. 66.1105(6)(f) and 66.1105(4)(h), and to accomplish the donation, DCD staff prepared the proposed Amendment No. 2 to the Project Plan for the New Arcade Project TID (“Amendment 2”), a copy of which is attached to this Common Council File; and
Whereas, As Amendment 2 indicates, the proposed donation meets the requirements in ...
Click here for full text