Number
060420
Version
ORIGINAL
Reference
Sponsor
ALD. PUENTE
Title
Resolution approving a Project Plan and creating Tax Incremental District No. 64 (Direct Supply Project) and approving the terms of a monetary obligation and Development Agreement to implement the Project Plan, in the 9th Aldermanic District.
Analysis
This resolution approves a tax incremental district Project Plan to assist Direct Supply, Inc., and its landlord, KJ Greentree, LLC, to recover up to $13.35 million of costs related to the acquisition, remediation and related relocation expenses of properties adjacent to their facilities located at 7221 West Green Tree Road thru 6665 North Industrial Road, for use as parking areas in support of the construction of up to 500,000 square feet of additional office space over the next 10 to 15 years as well as the creation of up to 1,000 new jobs at this site. Among the properties to be relocated is the City’s northwest transfer station and self-help facility at 6710 North Industrial Road. This resolution also approves the terms of a monetary obligation and Development Agreement through which Direct Supply, Inc., and KJ Greentree, LLC, 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 TID.
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 Project Pl...
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