Number
121770
Version
ORIGINAL
Reference
071132
Sponsor
ALD. PEREZ
Title
Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 71 (Mitchell Street), in the 12th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 71 in 2008 to fund public improvements along West Mitchell Street, including upgrading pedestrian lighting, installing security cameras and improving streetscaping, and to provide funds to upgrade retail properties in the area. The Base Value of the District was $75.25 million when it was created, however, property values have declined to $64.8 million as the economy deteriorated and property values fell throughout the country. This negative incremental value makes it impossible to recover the $1.5 million of expenditures for the District. To eliminate this negative increment, the amended Project Plan will first deduct all of the properties from the District and simultaneously add them back. This will effectively reset the Base Value for the District at the current value, as compared with the higher 2008 value, thus making it more feasible to recover project costs.
Body
Whereas, In 2008, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 071132, which approved a Project Plan and created Tax Incremental District No. 71 (Mitchell Street) (the “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on March 21, 2013, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on the Amendment to the Project Plan for the District (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, The Amendment proposes to remove all of the properties from the District and proposes adding them back to the District at their current values; 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 Coun...
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