Number
130246
Version
ORIGINAL
Reference
000428, 051108
Sponsor
THE CHAIR
Title
Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 41 (Time Warner Riverwalk) and authorizing expenditures, in the 6th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 41 in 2000 by adoption of File No. 000428 and amended it in 2006 by adoption of File No. 051108 for the purpose of facilitating redevelopment efforts in an area generally bounded by North King Drive, West McKinley Avenue, West Pleasant Street and the Milwaukee River. Funding was to be provided for the City's share of riverwalk improvements from McKinley Avenue to Cherry Street ($4,000,000) and for streetscaping, landscaping and plaza improvements ($3,000,000). The key private investments contemplated by the Project Plan were the conversion of the former We Energies power plant into offices for occupancy by Time Warner, Inc., and the development of the Harley-Davidson museum in the former Schlitz Brew House.
The Time Warner facility was constructed by 2001 and the 150,000 square-foot office building is now home to over 600 employees. The Harley-Davidson museum was not constructed within the District due to difficulties in renovating the historic Brew House structure.
TID No. 41 has incurred project costs, to date, of $20.2 million, for the purposes of constructing a parking ramp, skywalk, riverwalk and access road; $4.7 million in loans and grants to provide financial assistance for the 280,000 square-foot office facility leased by Manpower, Inc., for its new World Headquarters; and $250,000 for a job-training program.
The TID has achieved an increase in incremental property value of $111.6 million.
Amendment No. 2 to the Project Plan for TID No. 41 will provide $1.7 million for the purpose of constructing street improvements within North 2nd Street and West Galena Street to support new occupants to currently vacant space in the Schl...
Click here for full text