Number
160112
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 87 (Welford Sanders Lofts), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 87 consists of one parcel totaling 97,792 SF, including the Welford Sanders Lofts building (“Welford Sanders Lofts”), at 2801-21 North 4th Street. Welford Sanders Lofts, LLC (“Developer”) proposes to redevelop the Welford Sanders Lofts into 58 apartments and 38,000 square feet of commercial and office space and renovate the building consistent with historic standards.
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 $1,200,000, 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 19, 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
Wh...
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