Number
030094
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. RICHARDS
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 52 (Sigma-Aldrich Corporation Project) and approving the terms of a Cooperation, Contribution and Redevelopment Agreement to implement the Project Plan.
Analysis
This substitute resolution approves a tax incremental district Project Plan to assist Sigma-Aldrich Corporation to expand its production, distribution and laboratory facilities at 6000 North Teutonia Avenue. This substitute resolution also approves the terms of a Cooperation, Contribution and Redevelopment Agreement between the City, the Redevelopment Authority and Sigma-Aldrich Corporation through which Aldrich will advance funding for the project and be repaid by the City, but only to the extent of incremental tax revenue actually generated in the district.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin with amendments from other chapters of said Laws created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law”; and
Whereas, Subsection (“ss”) 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“District” or “TID”) and approve a Project Plan (“Plan”) for the District; and
Whereas, Pursuant to ss 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Plan, designated the boundaries of a District at 6000 North Teutonia Avenue and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Plan for TID No. 52, City of Milwaukee, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of ss 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than...
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