Number
150185
Version
ORIGINAL
Reference
941695, 100642
Sponsor
ALD. PEREZ
Title
Resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 27 (Clarke Square), in the 8th and 12th Aldermanic Districts.
Analysis
The Common Council created Tax Incremental District No. 27 in 1995 for the purpose of providing financial assistance for the private assemblage and redevelopment of an 8-acre project area with community-serving and job-producing retail and commercial uses. In 2010, the Project Plan was amended to provide financial assistance for the development of approximately 6,500 square feet of retail space and related site improvements on the property located at 1538 West National Avenue.
TID No. 27 has incurred project costs of $4,952,653, including interest on debt and associated carrying charges, and approximately $4,949,233 of incremental revenue has been generated in the TID.
Amendment No. 2 to the Project Plan for TID No. 27 will provide funding for the paving of two street segments located outside, but within one-half mile of, the District boundary, specifically South 25th Street from West National Avenue to West Pierce Street and South 23rd Street from West National Avenue to West Pierce Street. The District can support a contribution of $240,000 for this work.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”), on April 25, 1995, adopted File No. 941695, which approved a Project Plan and created Tax Incremental District No. 27 (Clarke Square) (“District”); and
Whereas, The Common Council, on October 12, 2010, adopted File No. 100642, which approved Amendment No. 1 to the Project Plan; 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. 2 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution an...
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