Number
040391
Version
SUBSTITUTE 1
Reference
001778
Sponsor
THE CHAIR
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 44 (Walnut-Locust Neighborhood Improvement Fund), authorizing the expansion of eligible project activities and authorizing additional borrowing, in the 6th and 15th Aldermanic Districts.
Analysis
Adoption of this substitute resolution will fulfill statutory requirements for amending the Project Plan for TID No. 44. The amendment revises the Project Plan to add public infrastructure and green space improvements to the expenditure budget. This resolution also approves additional borrowing.
Body
Whereas, Section 66.1105(4)(h)l., Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee ("Authority"), subject to the approval of the Common Council, to amend the Project Plan for a Tax Incremental District; and
Whereas, In May of 2001, the Common Council of the City of Milwaukee ("Common Council") adopted File No. 001778 approving a Project Plan and creating Tax Incremental District No. 44 ("TID No. 44"); and
Whereas, Pursuant to Section 66.1105(4)(h)l., Wisconsin Statutes, and following the required notice and public hearing, the Authority adopted Amendment No. 1 to the Project Plan for TID No. 44 ("Amendment"), a copy of which is attached to this Common Council File; and
Whereas, The Authority has submitted said Amendment to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)1., Wisconsin Statutes, provides that an amendment to a Project Plan for a Tax Incremental District shall be approved by the Common Council prior to or concurrent with the adoption of a resolution by the Common Council which contains findings that such amendment is feasible and in conformity with the Master Plan of the City; and
Whereas, The Amendment was duly reviewed and considered by the Zoning, Neighborhoods and Development Committ...
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