Number
150911
Version
ORIGINAL
Reference
040639, 040852, 090791, 130268, 141264, 141265
Sponsor
ALD. BAUMAN
Title
Resolution approving the Third Amendment to the Marine Terminal Building Development and Riverwalk Agreement and approving Amendment No. 4 to the Project Plan for Tax Incremental District No. 56 (Erie/Jefferson Street) and authorizing expenditures, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 56 in 2004 by adoption of File No. 040639 to, among other things, increase public access to the Milwaukee River by construction of riverwalk and plazas, to provide assistance in funding for riverwalk improvements and to remove or improve obsolete railroad facilities. TID No. 56 was amended in 2009 by adoption of File No. 090791 to establish TID No. 56 as a “Donor” district to allow surplus revenue from TID No. 56 to be transferred to certain “Recipient” districts. TID No. 56 was amended again in 2013 by adoption of File No. 130268 to approve donation of funds from TID No. 56 to TID Nos. 58, 65 and 66 as well as to provide $128,000 for the acquisition of the former railroad right-of-way located at 501 East Erie Street and engineering studies thereof. TID No. 56 was amended again in 2014 to increase funding for riverwalk improvements, provide funding for public improvements, provide funding for public infrastructure related to the Milwaukee Streetcar and to provide a cash grant for business relocation. This resolution approves the Third Amendment to the Development and Riverwalk Agreement for the Marine Terminal Building Riverwalk Project.
Amendment No. 4 to the Project Plan for TID No. 56 will provide $295,000 in funding for dockwall improvements located riverward of the property located at 401 East Erie Street.
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 La...
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