Number
141264
Version
SUBSTITUTE 1
Reference
040639, 090791, 130268
Sponsor
ALD. BAUMAN, KOVAC, WADE AND HAMILTON
Title
Substitute resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 56 (Erie/Jefferson Street) and authorizing expenditures, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 56 in 2004 by adoption of File No. 040639 to, among other things, increase public access to the Milwaukee River by construction of riverwalk and plazas, to provide assistance in funding for riverwalk improvements and to remove or improve obsolete railroad facilities. TID No. 56 was amended in 2009 by adoption of File No. 090791 to establish TID No. 56 as a “Donor” district to allow surplus revenue from TID No. 56 to be transferred to certain “Recipient” districts. TID No. 56 was amended again in 2013 by adoption of File No. 130268 to approve donation of funds from TID No. 56 to TID Nos. 58, 65 and 66 as well as to provide $128,000 for the acquisition of the former railroad right-of-way located at 501 East Erie Street and engineering studies thereof.
Amendment No. 3 to the Project Plan for TID No. 56 will increase funding for the Riverwalk extension by $695,942; provide $540,000 in funding for public improvements located on North Milwaukee Street and East Corcoran Avenue; provide $18,300,000 in funding for public infrastructure related to the Milwaukee Streetcar; and provide a cash grant in the amount of $400,000 for business expansion or relocation.
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, Boundaries and a Project Plan for Tax Incremental District (“TID” or “District”) No. 56 were approved by the Redevelopment Authority of the City of Milwaukee (“Authority”) and the Common Council of the City of Milwaukee (“Common Cou...
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