City of Milwaukee - File #: 050593

• File #: 050593
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/7/2005
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 9/27/2005
• Title: Substitute resolution approving a Project Plan and creating a Tax Incremental District (Chase Commerce Center Project) in the 14th Aldermanic District.
• Sponsors: ALD. ZIELINSKI
• Indexes: TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
10/6/2005	1	MAYOR	SIGNED
9/27/2005	1	COMMON COUNCIL	ADOPTED	Pass	15:0
9/20/2005	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: Jim Scherer - Dept. of City Development Mike Daun - Comptroller's Office	Pass	5:0
9/15/2005	1	CITY CLERK	DRAFT SUBMITTED
9/14/2005	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/7/2005	0	COMMON COUNCIL	ASSIGNED TO

Number
050593
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. ZIELINSKI
Title
Substitute resolution approving a Project Plan and creating a Tax Incremental District (Chase Commerce Center Project) in the 14th Aldermanic District.
Analysis
This substitute resolution approves a tax incremental district Project Plan to redevelop the former Metso Minerals/Rexnord complex at 3073 South Chase Avenue for manufacturing and office use. The property was acquired by Industrial Properties, LLC (“Developer”). The first tenant is Bucyrus International, Inc., which expects to employ 80-90 workers at the site. The total redevelopment cost for the 513,000 square foot complex is estimated at $7.5 million, including the acquisition cost. The Project Plan proposes to contribute not more than $500,000 to this cost, with all costs being advanced by the Developer and repaid, without interest, by the City, but only from incremental tax revenue generated by the District. The Project Plan does not require any general obligation borrowing by the City. The District will terminate and all payments will cease when occupancy in the complex reaches 80 percent, or in ten years, whichever occurs earlier.
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, Section 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 (“Redevelopment Authority”) must follow to create a Tax Incremental District (“TID”) and approve a Project Plan for the TID; and

Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Redevelopment Authority conducted a public hearing on the Project Plan for the Chase Commerce Center Project Tax Incremental District (“District”), designated the boundaries of the D...