Number
141267
Version
ORIGINAL
Reference
Sponsor
ALD. PEREZ AND BOHL
Title
Resolution approving a Project Plan, a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 81 (1st and Greenfield), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 81 consists of 9.14 acres at the northeast corner of South 1st Street and East Greenfield Avenue. Wangard Partners, Inc. proposes to redevelop the property into a 42,000 square-foot grocery store, mixed-use building with 72 apartments and 16,500 square feet of retail, retail outlots of 6,700 square feet and a future office site.
The District will fund environmental remediation, infrastructure, stormwater enhancements, a water feature and administration totaling $4,973,000.
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, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a project plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on November 20, 2014 the Authority conducted a public hearing on the proposed Project Plan for the District (“Plan”), designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with the Plan, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed TID must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(a)...
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