Number
071132
Version
ORIGINAL
Reference
070611
Sponsor
ALD. WITKOWIAK
Title
Resolution approving a Project Plan, authorizing expenditures and creating a Tax Incremental District for the Mitchell Street Project, in the 12th Aldermanic District.
Analysis
Due to a procedural error, the adoption of the Tax Incremental District approved for the Mitchell Street area in September, 2007 needs to be repeated. The TID Project Plan approved by this resolution is unchanged from the version previously approved.
The Mitchell Street Tax Incremental District consists of 281 properties located along, and generally one block north and south of West Mitchell Street between South 5th Street and South 16th Street, plus a commercial area south of West Forest Home Avenue between South 13th Street and South 15th Street. The District contains nearly 2.3 million square feet of land area, excluding public rights-of-way, and encompasses the Historic Mitchell Street commercial district, including immediately adjacent residential areas, and parking lots which serve the retail businesses on the street. The Project Plan will provide funding for approximately: $850,000 of public improvements, including pedestrian lighting, median irrigation, security cameras and tree grates; $400,000 for residential improvement loans; and, $1,500,000 for a Development Fund to assist catalytic redevelopment projects on Mitchell Street. Funding of any projects assisted with said Development Fund shall be subject to future, and separate, Common Council approval.
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 I...
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