Number
260296
Version
ORIGINAL
Reference
090325, 140437
Sponsor
ALD. JACKSON
Title
Resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 74 (North 35th Street and West Capitol Drive), in the 6th and 7th Aldermanic Districts.
Analysis
This Resolution approves Amendment No. 2 to the Project Plan for the Tax Incremental District No. 74 (North 35th Street and West Capitol Drive), to fund up to $3,690,000 for public infrastructure improvements, $150,000 for housing programs, $150,000 for contingency and $100,000 in administrative costs, totaling $4,090,000, as further described in Amendment 2 to the Project Plan attached to this Common Council file.
Body
Whereas, Pursuant to Section 66.1105, Wis. Stat., entitled the “Tax Increment Law,” and with the approval of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”), and the Joint Review Board (“JRB”), Tax Incremental District No. 74 (“TID 74” or the “District”) was created and amended by Council Resolutions 090325 and 140437 and RACM Resolutions 10105 and 10490, and TID 74 remains in existence and has not been statutorily terminated; and
Whereas, The Department of City Development (“DCD”) staff has recommended that TID 74 provide funding for up to $3,690,000 for public infrastructure improvements, $150,000 for housing programs, $150,000 for contingency and $100,000 in administrative costs, totaling $4,090,000; and
Whereas, Section 66.1105(2)(f)1.n., Wis. Stat., permits amendments to fund project costs located outside, but within one-half mile of the District’s boundary; and
Whereas, Amendment 2 to the TID 74 Project Plan (“Amendment 2”) will fund up to $3,690,000 for public infrastructure improvements, $150,000 for housing programs, $150,000 for contingency and $100,000 in administrative costs, totaling $4,090,000 in and within one-half mile of the District; and
Whereas, On June 18, 2026, per Wis. Sta...
Click here for full text