Number
130733
Version
SUBSTITUTE 1
Reference
001778, 040391
Sponsor
ALD. HINES
Title
Substitute resolution approving a budget adjustment for Tax Incremental District No. 44 (Walnut/Locust Neighborhood Improvement Fund), authorizing execution of a Work-Out Agreement with Josey Heights Development, LLC and approving the creation of a Neighborhood Loan Fund, in the 15th Aldermanic District.
Analysis
This substitute resolution approves an adjustment for TID No. 44 expenditures in anticipation of the formal closure of the TID, authorizes the execution of a Work-Out Agreement for the Josey Heights Development, in accordance with the terms summarized in a draft agreement, and authorizes the creation of a Neighborhood Loan Fund to be administered by the Neighborhood Improvement Development Corporation.
Body
Whereas, A summary of Tax Incremental District No. 44 (“TID No. 44”) expenditures is provided herein, a copy of which is attached to this Common Council File; and
Whereas, Pursuant to Common Council File No. 001778 adopted on June 19, 2001, the Common Council adopted the Project Plan for TID No. 44 to facilitate home rehabilitation and new single-family infill development in the Lindsay Heights Neighborhood; and
Whereas, Pursuant to Common Council File No. 040391 adopted on July 27, 2004, the Common Council approved Amendment No. 1 to the Project Plan for TID No. 44 to facilitate the Josey Heights Project by Josey Heights Development, LLC (the “Developer”) pursuant to the Josey Heights Development Agreement recorded by the Milwaukee County Register of Deeds as Document No. 09191033 (the “Development Agreement”); and
Whereas, The Developer is in default under the terms of the Josey Heights Development Agreement and staff of the Department of City Development negotiated terms for the Josey Work-Out Agreement, a draft copy of which is attached to this Common Council File; and
Whereas, Expenditures approved for TID No. 44 included the funding for forgivable...
Click here for full text