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File #: 140453    Version:
Type: Resolution Status: Passed
File created: 6/24/2014 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 7/22/2014
Effective date:    
Title: Substitute resolution approving Amendment No. 2 to the Project Plan and a Term Sheet authorizing expenditures for Tax Incremental District No. 75 (Reed Street Yards), in the 12th Aldermanic District.
Sponsors: ALD. PEREZ
Attachments: 1. Amendment No. 2 to Project Plan as of 7-8-14, 2. Fiscal Impact Statement, 3. Comptroller Review, 4. PowerPoint, 5. Hearing Notice List, 6. Executed Agreement, 7. Another Executed Agreement, 8. Amendment 1
Number
140453
Version
SUBSTITUTE 1
Reference
090564, 090688
Sponsor
ALD. PEREZ
Title
Substitute resolution approving Amendment No. 2 to the Project Plan and a Term Sheet authorizing expenditures for Tax Incremental District No. 75 (Reed Street Yards), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 75 (the “District”) was created in 2009 for the purpose of providing the infrastructure necessary for the development of a water technology and research park at the Reed Street Yards. In 2011, Amendment No. 1 to the District was approved, which provided $6,217,770 for infrastructure improvements at the Reed Street Yards.

Amendment No. 2 to the District funds additional public infrastructure improvements, public parking, a public plaza and streetscaping associated with the Florida Lofts project and administrative expenses totaling $2,120,000. In addition, it creates a $5,000,000 Public/Private Venture Fund for new buildings at the Reed Street Yards, subject to future Common Council approval of a Term Sheet for each building.
Body
Whereas, On September 22, 2009, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 090564, which approved a Project Plan and created Tax Incremental District No. 75 (Reed Street Yards) (the “District”); and

Whereas, On November 30, 2011, the Common Council adopted File No. 090688, which approved Amendment No. 1 to the Project Plan for the District; and

Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on June 19, 2014, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution and submitted such Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and

Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be ...

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