City of Milwaukee - File #: 051169

• File #: 051169
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 12/13/2005
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 2/7/2006
• Title: Substitute resolution relative to funding for Tax Incremental District No. 22 (Beerline “B”), in the 3rd and 6th Aldermanic Districts.
• Sponsors: ALD. D'AMATO
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
2/13/2006	1	MAYOR	SIGNED
2/7/2006	1	CITY CLERK	DRAFT SUBMITTED
2/7/2006	1	COMMON COUNCIL	ADOPTED	Pass	14:0
2/7/2006	1	COMMON COUNCIL	SUBSTITUTED	Pass	14:0
1/31/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: Ald. Michael McGee Mike Wisniewski - Dept. of City Development Craig Kammholtz - Comptroller's Office The Dept. of City Development will be providing a sub. to address the letter from the Comptroller's Office. The substitute will be introduced at the Council meeting of 2/7/06.	Pass	5:0
1/31/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	AMENDED; Minutes note: Motion by Ald. Michael McGee to amend Common Council File Number 051169 and the agreements relating thereto: 1. I move to amend agreements to require a minimum EBE participation rate of 50% and a minimum RPP participation rate of 50% for the following activities: $6,582,323 New Costs (50% of each riverwalk including Pleasant St. Market, Brewer’s Pt.1890 N Commerce St., 2070 N. Commerce St., 2176 N. Riverwalk Rd., and new streets adjacent to Pleasant St. Market and north of Holton, upgrade and maintain Kilbourn park through year 2007, bridge upgrades, enhancements, and cost overruns, administration and 10% contingency) 2. I move to amend CCFN 051169 by inserting 2 additional Whereas clause immediately preceding the existing final Whereas clause, as follows: Whereas, The typical requirements for City contracts are 18% Emerging Business Enterprise (EBE), 25% Residence Preference Program (RPP), and one or more apprentices from the affected construction trades; and Whereas, The TID No. 22 (Beerline “B”) project has set minimum requirements of 50% EBE, 50% RPP, and one or more apprentices from the affected construction trades engaged in work related to the $6,582,232 new project costs and contingencies approved by the Zoning, Neighborhoods and Development Committee on January 31, 2006; and 3. I move to amend CCFN 051169 by inserting one additional Further Resolved clause immediately preceding the existing final Further Resolved clause, as follows: Further Resolved, That the appropriate city officials including the City Attorney, Commissioner of City Development, and the City Comptroller, are directed to negotiate with the developer to fulfill the intent of the motions to amend the agreements as approved by the Zoning, Neighborhoods and Development Committee on January 31, 2006; and, be it	Fail	1:4
1/23/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/13/2005	0	COMMON COUNCIL	ASSIGNED TO

Number
051169
Version
SUBSTITUTE 1
Reference
930935, 990110
Sponsor
ALD. D’AMATO
Title
Substitute resolution relative to funding for Tax Incremental District No. 22 (Beerline “B”), in the 3rd and 6th Aldermanic Districts.
Analysis
This substitute resolution fulfills the requirements of Section 304-93 of the Milwaukee Code of Ordinances as established by the Common Council under File No. 031616 related to the funding level of the active tax increment district projects. This resolution identifies the amount of $25,146,965 for the Tax Incremental District No. 22 project for public improvements along the Milwaukee River between approximately East Pleasant Street and East North Avenue.
Body
Whereas, The Common Council approved the creation of Tax Incremental District No. 22 (“TID No. 22”) on December 22, 1993 under File No. 930935 and amended it on July 29, 1999 under File No. 990110; and

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Economic Feasibility Study for TID No. 22 (a copy of which is attached to this Common Council File), desires to provide funding sufficient to cover all TID No. 22 public improvement costs in accordance with the Project Plan; and

Whereas, The Economic Feasibility Study demonstrates that TID No. 22 will generate $235,754,710 of private investment, which is sufficient to cover $36,283,352 in project costs plus interest and is projected to be retired by 2012; and

Whereas, Funds expended and provided to date are in the amount of $17,068,174.34 plus capitalized interest and will be increased to $25,146,965, which includes the projects in the Economic Feasibility Study; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Tax Incremental District No. 22 expenditure limit is established at $25,146,965 plus capitalized interest (estimated at $733,400); and, be it

Further Resolved, That the project costs relate directly to promoting deve...