Number
120271
Version
SUBSTITUTE 1
Reference
000429
Sponsor
THE CHAIR
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 40 (West North Avenue/Sherman Boulevard) and authorizing expenditures, in the 15th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 40 in 2000 to fund the revitalization of the West North Avenue commercial district between North 30th Street and North Sherman Boulevard. To date, the District has funded $2.2 million of public improvements, grants or loans to businesses and associated administrative costs, including $200,000 of remaining appropriations and encumbrances. The District has fully recovered its costs. Amendment No. 2 to the District’s Project Plan will fund up to $550,000 of street paving outside of the District boundary, which costs are expected to be recovered from funds previously generated by the District.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”), on September 6, 2000, adopted File No. 000429, which approved a Project Plan and created Tax Incremental District No. 40 (West North Avenue/Sherman Boulevard) (“TID No. 40” or “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on April 19, 2012, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it finds and determines as follows:
1. The Amendment reta...
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