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File #: 151788    Version: 0
Type: Resolution Status: Passed
File created: 3/29/2016 In control: COMMON COUNCIL
On agenda: Final action: 4/15/2016
Effective date:    
Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 86 (Germania Building), in the 4th Aldermanic District.
Sponsors: ALD. BAUMAN
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Project Plan as of 3-29-16, 2. Fiscal Impact Statement, 3. Comptroller Response, 4. Hearing Notice List, 5. DCD PowerPoint Presentation, 6. Germania Floor Plans, 7. Wisconsin Department of Revenue Certification letter, 8. TID Dates and Requirements
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
4/26/20160 MAYOR SIGNED   Action details Meeting details Not available
4/15/20160 COMMON COUNCIL ADOPTEDPass13:1 Action details Meeting details Video Video
4/12/20160 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Dan Casanova, Department of City Development Kalan Hayward, Vangard Development Group Jason Korb, Korb Tredo Architects Rocky Marcoux, Department of City Development Commissioner Martin Matson, City Comptroller
Pass3:1 Action details Meeting details Video Video
4/7/20160 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/7/20160 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/7/20160 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
3/29/20160 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
151788
Version
ORIGINAL
Reference

Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 86 (Germania Building), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 86 consists of one parcel totaling 14,682 SF, including the Germania Building (“Germania”), at 135 West Wells Street. Germania Real Estate Venture II, LLC (“Developer”) proposes to redevelop the Germania into 90 apartments and restore the Germania’s historic facade.

The TID will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from the increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $1,500,000, 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 March 17, 2016 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.a., Wisconsin Statutes, not less than 50 percent, ...

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