Number
150157
Version
SUBSTITUTE 1
Reference
130053
Sponsor
ALD. KOVAC
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 79 (North Water Street Riverwalk), approving a Riverwalk Development Agreement and authorizing expenditures for the construction of a riverwalk segment adjoining the property at 1781 North Water Street, in the 3rd Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 79 in 2013 to assist in the financing of riverwalks and related public improvements.
TID No. 79 has incurred project costs of $150, including interest on debt and associated carrying charges, and approximately $0 of incremental revenue has been generated in the TID.
Amendment No. 1 to the Project Plan for TID No. 79 will provide funding to construct a Riverwalk extension, three public connections and a dockwall reconstruction.
This substitute resolution authorizes the appropriate City officials to enter into a Riverwalk Development Agreement.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on May 21, 2013, adopted File No. 130053, which approved a Project Plan and created Tax Incremental District No. 79 (North Water Street Riverwalk) (“District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on May 21, 2015, the Redevelopment Authority of the City of Milwaukee (“RACM”) conducted a public hearing on Amendment No. 1 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)(h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“C...
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