Resolution relating to the creation of a tax incremental district for the area bounded by W. Galena Street, W. State Street, N. 20th Street and N. 24th Street.
This resolution directs the Department of City Development to take actions necessary for creation of a tax incremental district for the area bounded by W. Galena Street, W. State Street, N. 20th Street and N. 24th Street, including preparation of a draft project plan for the district as well as a Common Council resolution creating the district and approving the project plan. This district, which would be known as the “Lynden Hill Estates Tax Incremental District,” would focus on improving housing conditions in the neighborhood, including construction of owner-occupied infill housing, rehabilitation of existing owner-occupied housing and increasing the owner-occupancy rate.
The resolution directs the Department of City Development to submit the necessary documents to the Common Council within 90 days of the date of adoption of this resolution.
Whereas, The neighborhood bounded by W. Galena Street, W. State Street, N. 20th Street and N. 24th Street suffers from an abundance of vacant lots and absentee-owned housing; and
Whereas, Because of its proximity to Downtown Milwaukee, other revitalizing or new residential neighborhoods (Lindsay Commons, Highland Homes, City Homes and Walnut Circle), and major employers with walk-to-work programs (Marquette University, Aurora Sinai Medical Center and AT&T), this neighborhood has great potential for a housing renaissance that includes new construction, rehabilitation of existing housing units and an increased rate of owner-occupancy; and
Whereas, Tax incremental financing is a development tool that can provide the financial resources and planning framework necessary for targeted, concentrated housing construction and rehabilitation activities; now, therefore, be it
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