Number
030974
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DONOVAN AND MURPHY
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 53 (Menomonee Valley Business Park) and approving the terms of a Cooperation Agreement to implement the Project Plan.
Analysis
This substitute resolution approves a tax incremental district Project Plan to redevelop a 260-acre area on the west side of the Menomonee Valley, focusing on the former CMC Shops site, and adjacent underutilized industrial areas. The Project Plan provides for approximately $20.8 million in project expenditures, of which approximately $16 million is to be financed through the issuance of Redevelopment Authority Revenue Bonds secured by the moral obligation of the City of Milwaukee. Interim financing for a portion of the project costs is to be provided through a HUD Section 108 Loan.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin with amendments from other chapters of said Laws created Section 66.1105, Wisconsin Statutes, titled "Tax Increment Law"; and
Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee ("Common Council") and the Redevelopment Authority of the City of Milwaukee ("Authority") must follow to create a Tax Incremental District ("District" or "TID") and approve a Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Project Plan for the Menomonee Valley Business Park Tax Incremental District, designated the boundaries of the District, recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for Tax Incremental District No. 53, City of Milwaukee (the "Plan"), a copy of which is attached to this Common Council File; and
Whereas, Under the pr...
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