NUMB:
991643
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. PAWLINSKI
TITL:
Substitute resolution approving a Project Plan and creating Tax Incremental District Number Thirty-Eight (500 West Grange Avenue) in the 13th Aldermanic District; and approving a Development Agreement to implement the Project Plan.
ANLS:
- Analysis -
This substitute resolution approves a tax incremental district Project Plan to fund the environmental remediation costs in connection with a 100,000 square foot industrial facility to be developed at 500 West Grange Avenue. This substitute resolution also authorizes entering into a Development Agreement between the City of Milwaukee, Real Estate Recycling, Inc., the Redevelopment Authority of the City of Milwaukee and the Milwaukee Economic Development Corporation to implement the Project Plan.
BODY:
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin with amendments from other chapters of said Laws created Section 66.46, Wisconsin Statutes, titled "Tax Increment Law"; and
Whereas, Pursuant to Sections 66.46(4)(a) through (gm), Wisconsin Statutes, the City Plan Commission designated the boundaries of a Tax Incremental District (the "District") at 500 West Grange Avenue and recommended that the District be created and submitted such recommendation to the Common Council of the City of Milwaukee (the "Common Council") for approval along with a proposed Project Plan for Tax Incremental District Number Thirty-Eight, City of Milwaukee (the "Plan"), a copy of which is attached to this Common Council File; and
Whereas, Section 66.46(4)(g), Wisconsin Statutes, provides that a Project Plan for a Tax Incremental District shall be approved by the Common Council prior to or concurrent with the adoption of a resolution by the Common Council which contains findings that such Plan is feasible and in conformity with the Master Plan of the City; and
Whereas, Under the provisions of Section 66.46(4)(gm)4.a., Wisconsin Sta...
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