Number
131580
Version
ORIGINAL
Reference
971894, 990115, 000430
Sponsor
ALD. BAUMAN AND WADE
Title
Resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 37 (Grand Avenue) and authorizing expenditures, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 37 in 1998 to stimulate the retail and hospitality market in and around The Grand Avenue Retail Center. The TID has funded a $2 million loan for the Marriott Suites Hotel at North 3rd and Michigan Streets, $9.4 million of grants and loans to redevelop the former Marshall Fields building and $5 million to assist in renovating the Boston Store retail space and regional offices.
The Boston Store’s operating covenant and lease for its retail space expired in 2012, and the store has been functioning under a year-to-year lease ever since. This Amendment will provide up to $300,000 annually to the store’s owners, Bon-Ton Stores, Inc., provided the lease and operating covenant is extended to January, 2018, and the company retains not less than 750 full-time equivalent positions at the retail facility and its regional headquarters. Funding provided through the amendment will be used for leasehold improvements, equipment, working capital, advertising and promotion. This funding will help offset the store’s operating losses.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on June 16, 1998 adopted File No. 971894, which approved a Project Plan and created Tax Incremental District No. 37 (Grand Avenue) (the “District” or “TID No. 37”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on February 20, 2014, the Redevelopment Authority of the City of Milwaukee (“Redevelopment Authority”) conducted a public hearing on Amendment No. 3 to the Project Plan for the District (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, Section 66.1105(4)(g) and (h)(1), W...
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