Number
130881
Version
SUBSTITUTE 2
Reference
060911
Sponsor
ALD. BAUMAN
Title
Substitute resolution directing the Department of City Development to release all funds budgeted for City infrastructure work in Tax Incremental District No. 67 (The Brewery).
Analysis
This resolution directs the Department of City Development to release all funds budgeted for City infrastructure work in Tax Incremental District No. 67 (The Brewery). It further provides that if all funds budgeted for City infrastructure work in Tax Incremental District No. 67 (The Brewery) cannot be released under the terms and conditions of the approved project plan for TID No. 67, the Department of City Development is directed to prepare an amendment to the project plan making that release of funds possible, and to submit the project plan amendment to the Common Council for approval within 90 days of adoption of this resolution.
Body
Whereas, On December 12, 2006, the Common Council adopted File Number 060911, a resolution creating Tax Incremental District No. 67 (The Brewery), approving its project plan, authorizing contingent borrowing and expenditures, and approving the terms of a development agreement to implement the project plan; and
Whereas, TID No. 67 consists of the redevelopment of the former Pabst Brewery complex into a mixed-use development consisting of residential, office, educational and supporting retail space; and
Whereas, As set forth in the approved project plan, public infrastructure work to be funded by TID No. 67 includes the construction, reconstruction or extension of various street segments, with this work including paving, sidewalks, landscaping, lighting and public utilities; and
Whereas, Of the total approved TID No. 67 capital project costs of $28.6 million, $6,547,648 is budgeted for the City infrastructure component of the project, including nearly $1.7 million for paving and sidewalks; and
Whereas, The December 31, 2012, status report for TID No. 67 in...
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