Number
121429
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN, BOHL, and WADE
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 78 (The Northwestern Mutual Life Insurance Company), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 78 (the “District”) consists of a site of approximately 4.44 acres at 800 and 900 East Wisconsin Avenue that includes a 451,000 square-foot office building. Northwestern Mutual proposes to demolish the existing building and replace it with a 1,114,000 square-foot office building.
The District will fund an annual payment to Northwestern Mutual for a period of up to twenty-five years, equal to 70 percent of any incremental property taxes resulting from the increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $54,000,000, at 4.5 percent over 25 years. Payment will be conditioned on Northwestern Mutual achieving and maintaining employment projections in the City of Milwaukee. An additional $19,300,000 in public infrastructure, a workforce and business development program and administrative costs will be funded by the District.
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 City’s Common Council (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on January 17, 2013 the Authority conducted a public hearing on the Project Plan, designated the boundaries of the District and recomm...
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