Number
150175
Version
SUBSTITUTE 1
Reference
930206
Sponsor
ALD. PEREZ
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 20 (Florida Yards), in the 12th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 20 in 1993 for the purpose of providing financial assistance for site assembly, environmental remediation and public improvements for the Florida Yards Industrial Park, a 15-acre site at East Florida and South Water Streets. The site is a former railroad yard that was marketed to manufacturing and distribution businesses.
TID No. 20 has incurred project costs of $6,220,033, including interest on debt and associated carrying charges, and approximately $4,728,181 of incremental revenue has been generated in the TID.
Amendment No. 1 to the Project Plan for TID No. 20 will provide funding for the paving of South 5th Street between West Virginia and West Scott Streets located outside, but within one-half mile of, the District boundary. The District can support a contribution of $450,000 for this work.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on July 27, 1993, adopted File No. 930206, which approved a Project Plan and created Tax Incremental District No. 20 (Florida Yards) (“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 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 amendmen...
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