Number
150159
Version
SUBSTITUTE 2
Reference
011182, 041514, 101297
Sponsor
ALD. KOVAC
Title
Substitute resolution authorizing additional funding for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
This substitute resolution authorizes $3,023,942 in additional project funding within Tax Incremental District No. 48 for the implementation of the North End Phase III and IV projects, located along North Water Street, adjacent to the North End Phase I and Phase II projects.
The project costs to be funded include extensions of the existing riverwalk and additional public infrastructure, both of which were approved as part of the Development Agreement for the North End Project dated as of November 1, 2007.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) approved the creation of Tax Incremental District No. 48 (“TID No. 48” or “TID”) on March 5, 2002, via File No. 011182, amended such TID on May 3, 2005, via File No. 041514, and amended such TID a second time on July 26, 2011, via File No. 101297; and
Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances, desires to provide funding sufficient to cover all TID No. 48 public improvement costs addressed in the Development Agreement for the North End Project dated as of November 1, 2007 (“Development Agreement”); and
Whereas, The Feasibility Analysis, a copy of which is attached to this Common Council File, demonstrates that the project will generate sufficient revenues to TID No. 48 to fully amortize $3,023,942 bond issuance costs as early as 2027 (TID Year 26); and
Whereas, Funds provided to date are in the amount of $41,905,607, including capitalized interest, and will be increased to $44,929,549, plus capitalized interest, which includes the public improvement costs addressed in the Development Agreement; now, therefore, be it
Resolved, By the Common Council of the City of Milwauke...
Click here for full text