Number
020337
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 50 (Ralos/Solar Paints and Varnishes), approving a Term Sheet for a Cooperation, Contribution and Redevelopment Agreement to implement the Project Plan, and authorizing agreement between the City of Milwaukee and Ralos, LLC ("Ralos") concerning assignment under Section 75.106, Wisconsin Statutes, of the City's right to Section 75.521, Wisconsin Statutes, in-rem foreclosure judgment against 5375 South 9th Street (the "Parcel"), in the 13th Aldermanic District.
Analysis
This substitute resolution approves a Tax Incremental District Project Plan to provide partial funding for environmental investigation and remediation of the Parcel. This resolution also approves a Term Sheet for a Cooperation, Contribution and Redevelopment Agreement to be entered into among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Ralos through which the Redevelopment Authority will advance funding for the project from the EPA Revolving Loan Fund. And, it approves a Section 75.106, Wisconsin Statutes, transaction pursuant to which the City will assign its right to a Section 75.521, Wisconsin Statutes, in-rem property tax foreclosure judgment against the Parcel to Ralos.
Body
Whereas, Section 66.1105, Wisconsin Statutes, is entitled "Tax Increment Law"; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Redevelopment Authority of the City of Milwaukee ("RACM") has designated the boundaries of Tax Incremental District No. 50 (the "District") as being comprised of a single site, to wit, the Parcel, and RACM recommended that the District be created and submitted such recommendation to the Common Council of the City of Milwaukee ("Common Council") for approval with a proposed Project Plan for the District; and
Whereas, Section 66.1105(4)(g), Wis...
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