Number
141443
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PEREZ
Title
Substitute resolution approving the boundary for a Tax Incremental District at South 6th Street and West National Avenue, in the 12th Aldermanic District.
Analysis
This substitute resolution establishes a boundary for a Tax Incremental District at South 6th Street and West National Avenue. The District contains 118 properties, a mix of commercial, industrial and residential uses. The District is being created in an effort to stimulate redevelopment interest in the area. Should specific redevelopment plans evolve, a Tax Incremental District Project Plan for the area will be prepared for consideration by the City of Milwaukee and the Joint Review Board. This resolution only creates the boundary. It does not authorize expenditures.
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 (“District” or “TID”) and approve a Project Plan for a District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing and mapped the recommended boundaries of a District in the vicinity of South 6th Street and West National Avenue, a copy of which boundary map 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 District must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(a), Wisconsin Statutes; an area “in need of rehabilitation or conservation work” wi...
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