Number
051461
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DONOVAN
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 63 (Falk Project) and approving the terms of a Development Agreement to implement the Project Plan, in the 8th Aldermanic District.
Analysis
This substitute resolution approves a tax incremental district Project Plan to assist Falk, a division of Rexnord Industries, LLC, to recover up to $1.5 million of costs related to the extension of West Canal Street adjacent to its property at 3001 West Canal Street. Costs to be recovered include demolition of the remaining segments of vehicular bridges, which intersect with Canal Street, utility relocations, paving and access improvements necessitated by a new, westerly entrance to the Falk complex. This substitute resolution also approves the terms of a Development Agreement between the City, the Redevelopment Authority and Rexnord through which the company will advance funding for the project and will 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, 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 (“Authority”) must follow to create a Tax Incremental District (“District” or “TID”) and approve a Project Plan for a District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Plan, designated the boundaries of a District at 3001 West Canal Street and recommended that the District be created and submitted such recommendation to the Common Council for approval with a prop...
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