Number
150913
Version
ORIGINAL
Reference
000165
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 39 (City Center Hilton), in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 39 in 2000 for the purpose of providing financial assistance for the construction of an 850 space parking structure and for streetscaping improvements adjacent to the structure.
TID No. 39 has incurred project costs of $7,635,962, including interest on debt and associated carrying charges, and approximately $7,638,733 of incremental revenue has been generated in the TID.
Amendment No. 1 to the Project Plan for TID No. 39 will provide funding for the paving of a street segment located outside of, but within one-half mile of, the District boundary, specifically West Juneau Avenue between North 3rd and North 6th Streets. The District can support a contribution of $700,000 for this work.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”), on September 6, 2000, adopted File No. 000165, which approved a Project Plan and created Tax Incremental District No. 39 (City Center Hilton) (“District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on October 15, 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 amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
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