Number
150180
Version
SUBSTITUTE 1
Reference
121429
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and a Term Sheet authorizing expenditures for Tax Incremental District No. 78 (The Northwestern Mutual Life Insurance Company), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 78 was created in 2013 for the purpose of providing funding for The Northwestern Mutual headquarters office project and the Lakefront Gateway Project.
Amendment No. 1 to the TID revises the Project Plan to allocate $250,000 for a cash grant to Johnson Controls, Inc. to conduct site due diligence and expands the existing boundary for the district to match the current property lines of The Northwestern Mutual office project.
Body
Whereas, On April 30, 2013, the Common Council of the City of Milwaukee ("Common Council") adopted File No. 121429, which approved a Project Plan and created Tax Incremental District No. 78 (The Northwestern Mutual Life Insurance Company) (the "District"); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on May 21, 2015, the Redevelopment Authority of the City of Milwaukee ("Authority") conducted a public hearing on Amendment No. 1 to the Project Plan for the District ("Amendment"), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; 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" as defined in Section 66.1337(2m)(a), Wisconsin Statutes; must be suitable for "industrial sites" within the meaning of Section 66.1101, Wisconsin Statutes, and be zoned for industrial use; or must be "suitable for mixed-use development" as defined in Section 66.1105(2)(cm), Wisconsin Statutes; and
Whereas, More than 50 percent, by area, of the real property in the District was found by the Authority to be "in need of rehabilitation and conservation work" as defined above; and
Whereas, Section 66.1105(4)(g) and (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 ("City"); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it finds and determines as follows:
1. The Amendment changes the existing boundaries of the District by expanding the boundary to match current property lines as shown in the Amendment.
2. The District is "in need of rehabilitation and conservation work" within the meaning of Section 66.1105(4)(gm)4.a., Wisconsin Statutes.
3. The Amendment revises the allocation of project costs, but does not increase the project costs, to be supported by the District.
4. The Amendment does not revise the Economic Feasibility Report that is part of the Project Plan and does not make changes regarding the timing of project costs, the expenditure period or methods of financing.
5. The improvement and/or development of such area, as hereinafter provided, is likely to enhance significantly the value of substantially all of the other real property in and adjoining the District.
6. The project costs provided in the Amendment relate directly to promoting development consistent with the City's Master Plan and with the purpose(s) for which the District was created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes.
7. The percentage of the aggregate value of the equalized taxable property of the District, plus the incremental value of all other existing Tax Incremental Districts within the City, does not exceed the statutory maximum 12 percent of the aggregate value of total equalized value of taxable property within the City; and, be it
Further Resolved, That the Amendment is approved and the Project Plan for the District, as amended, is feasible, in conformity with the Master Plan for the City and will promote the orderly development of the City; and, be it
Further Resolved, That:
1. The City Clerk is directed to notify the Wisconsin Department of Revenue, in such form as may be prescribed by said Department, of the approval of this Amendment pursuant to the provisions of Section 66.1105(5), Wisconsin Statutes.
2. The City Comptroller, in conjunction with the Commissioner of City Development, is directed to perform such acts and to create such accounts and subaccounts and make appropriate transfers, upon written request by the Department of City Development, for all revenue or expenditure activity under this resolution.
3. The proper City officials are directed to execute a Cooperation and Development Agreement with the Authority and Johnson Controls, Inc. providing for the granting of funds to the Authority such that the Authority may make the grants specified in the Amendment, on the terms and conditions set forth in the Term Sheet attached to the Amendment; and, be it
Further Resolved, That the proper City officials are directed to execute any additional documents and instruments necessary to carry out the purposes of the Amendment.
Drafter
DCD:Dan.Casanova:dac
05/20/15