Number
150184
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN AND WADE
Title
Substitute resolution approving a Project Plan, a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 83 (Broadway and Michigan), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 83 consists of seven properties totaling 67,200 SF, including the Mackie Building (“Mackie”) at 225 East Michigan Street. 225 East Michigan Street, LLC proposes to redevelop the Mackie into 25 apartments, retain the Grain Exchange Room and restore the Mackie’s facade and clock tower.
The District will fund an annual payment to the Developer for a period of up to 15 years, equal to 100 percent of any incremental property taxes, resulting from the increased taxable value of real and personal property from the Mitchell and Mackie buildings in the District, not to exceed an amount sufficient to repay up to $900,000, at 4.5 percent interest.
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 (“TID” or “District”) and approve a Project Plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on May 21, 2015 the Authority conducted a public hearing on the Project Plan, designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4....
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