Number
061441
Version
Substitute 1
Reference
051132, 051144
Sponsor
ALD. HINES
Title
Substitute resolution approving a Project Plan and creating a Tax Incremental District for The New Avenue Commerce Center Project, authorizing Contingent Borrowing and expenditures, and approving the terms of a Development Agreement to implement the Project Plan, in the 15th Aldermanic District.
Analysis
This substitute resolution creates a Tax Incremental District and approves Contingent Borrowing and expenditures. The Project consists of the redevelopment of two blocks in the former Park West freeway corridor, bounded by North 24th Street, West North Avenue, North 25th Street and West Meinecke Avenue. The TID will provide $1,978,000 of funding for public improvements and financial assistance for a 30,000 square foot retail center and a 44,000 square foot Lena’s grocery store.
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 (“TID”) and approve a Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Project Plan for The New Avenue Commerce Center Tax Incremental District (“District”), designated the boundaries of the District, recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 perce...
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