Number
130622
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PEREZ
Title
Substitute resolution creating Business Improvement District No. 49 (Reed Street Yards) and approving its first year Operating Plan, in the 12th Aldermanic District.
Analysis
This substitute resolution establishes a Business Improvement District, pursuant to Wisconsin Statutes, for the area bounded by the Menomonee River on the west, South 2nd Street to West Oregon Street, South 3rd Street to Freshwater Way, and South 3rd Street to Seeboth Street on the east, the Menomonee River on the north and the railroad tracks on the south. Also, this substitute resolution adopts a first year Operating Plan and budget for the BID, creates a District Board and authorizes special assessments totaling $25,000 on taxable properties in the BID.
Body
Whereas, The Reed Street Yards business development park is a vital and integral part of the City of Milwaukee (“City”); and
Whereas, A Business Improvement District (“BID”), as authorized by Section 66.1109, Wisconsin Statutes, provides a financing method to allow the Reed Street Yards business development park to become self-sustaining; and
Whereas, Several property owners in the proposed BID have submitted petitions requesting the City to establish a BID in the area; and
Whereas, An initial Operating Plan has been prepared, a copy of which is attached to this Common Council File, which describes proposed activities within the District and which acts in accordance with applicable Wisconsin Statutes; and
Whereas, Said Operating Plan has been reviewed and adopted by the City Plan Commission following a public hearing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that Business Improvement District No. 49 (Reed Street Yards) and the associated District Board are hereby created; and, be it
Further Resolved, That the initial Operating Plan for BID No. 49 is hereby adopted; and, be it
Further Resolved, That the City T...
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