Number
140870
Version
ORIGINAL
Reference
000806, 010319, 120347, 130071
Sponsor
ALD. DAVIS
Title
Resolution authorizing an expenditure and approving a Grant Agreement with the Redevelopment Authority of the City of Milwaukee for Tax Incremental District No. 42 (Capitol Court/Midtown) for the Rue 21 Project, in the 2nd Aldermanic District.
Analysis
This resolution authorizes funding of a grant in the amount of $85,305 from TID No. 42 for interior renovation work in connection with a proposed clothing retailer at 4162 North 56th Street, Unit 38. The space is currently vacant and the total renovation cost is estimated at $235,906.
Body
Whereas, The City of Milwaukee (“City”) and the Redevelopment Authority of the City of Milwaukee (“RACM”) have created Tax Incremental District No. 42 (“District”) with the adoption of their respective File Nos. 000806, 010319, 120347, 130071 and 10409 and 10427; and
Whereas, The District consists of approximately 2,457,081 square feet (56.4 acres) generally bounded by West Capitol Drive, North 60th Street, West Fond du Lac Avenue and North 55th Street; and
Whereas, The District is a redevelopment of the former Capitol Court Mall into the current Midtown Center; and
Whereas, Funding provided by Amendment No. 2 to the Project Plan for the District totals $3,300,000 to assist with the costs associated with stimulating occupancy in the District, specifically assisting with the costs to re-tenant vacant in-line commercial space, tenant improvements for expansion into the District and redevelopment of the vacant Lowe’s site; and
Whereas, Economic development funds for grants or loans were approved in the form of a Tenant Improvement Master Fund and Economic Development Master Fund for these purposes; and
Whereas, One of the projects proposed in the District and recommended for assistance is the renovation of a vacant 5,687 square-foot space, Unit 38, at 4162 North 56th Street into a Rue 21 clothing retailer (“Tenant”); and
...
Click here for full text