Number
000428
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District Number Forty-One (Harley Riverwalk) in the 6th Aldermanic District.
Analysis
Adoption of this substitute resolution will fulfill statutory requirements for approving a Project Plan and creating a Tax Incremental District to assist in the redevelopment of the Commerce Street Power Plant and adjacent former rail yards in the area generally bounded by West McKinley Avenue, North Dr. Martin Luther King, Jr. Drive, West Galena Street and the Milwaukee River. This substitute resolution authorizes the Commissioners of the Department of City Development and Public Works, the City Engineer, and other public officials to implement the Project Plan. This substitute resolution also identifies the terms through which the private sector will advance all funding for the project and be repaid by the City of Milwaukee, but only to the extent of incremental tax revenue actually being generated in the district.
Body
Whereas, Section 66.46, Wisconsin Statutes, the "Tax Increment Law," provides a means for cities to finance the improvement of areas in need of redevelopment; and
Whereas, Subsection ("ss") 66.46(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee ("Common Council") and the City Plan Commission must follow to create a Tax Incremental District ("District") and approve a Project Plan ("Plan") for the District; and
Whereas, Pursuant to ss 66.46(4)(a) through (gm), Wisconsin Statutes, requiring Plan preparation, notice, public hearing and Plan adoption, the City Plan Commission designated the area generally bounded by West McKinley Avenue, North Dr. Martin Luther King, Jr. Drive, West Galena Street, and the Milwaukee River, recommended that the District be created, and submitted the recommendation to the Common Council for approval along wi...
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