Number
160289
Version
ORIGINAL
Reference
121429, 150180
Sponsor
ALD. BAUMAN
Title
Resolution authorizing additional funding for Tax Incremental District No. 78 (Northwestern Mutual), in the 4th Aldermanic District.
Analysis
This resolution authorizes $6,000,000 in additional project funding for public infrastructure and administrative expenses within Tax Incremental District No. 78 for the Lakefront Gateway project.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) approved the creation of Tax Incremental District No. 78 (“TID No. 78” or “TID”) on April 30, 2013, via File No. 121429, and approved Amendment No. 1 to the TID on June 2, 2015, via File No. 150180; and
Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances, desires to provide an additional $6,000,000 from TID No. 78 to cover additional costs related to public infrastructure and administrative expenses for the Lakefront Gateway project; and
Whereas, A new feasibility analysis, a copy of which is attached to this Common Council File, demonstrates that the project will generate sufficient revenues to fully amortize the total project costs of $79,300,000 by 2032 (TID Year 20); and
Whereas, Funds provided to date are in the amount of $73,300,000, and will be increased to $79,300,000, plus capitalized interest; and
Whereas, In accordance with Section 304-93-4-d of the Milwaukee Code of Ordinances, the Project Plan for the TID and the Department of City Development both estimate that the total tax incremental district expenditures will be $79,300,000 and the total authorized expenditures, after adoption of this resolution, will be $79,300,000, plus capitalized interest; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the TID No. 78 expenditure limit is established at $79,300,000, plus capitalized interest; and, be it
Further Resolved, That the project costs relate directly to promoting development consistent with the City’s Master Plan and with the purpose(s) for which the TID was created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes; and, be it
Further Resolved, That the City Comptroller is directed to transfer the sum of $6,000,000, plus capitalized interest, from the Parent TID Account to Project Account No. TD07880000, raising the Project Account to $79,300,000, plus capitalized interest, for the purpose of providing funds necessary to implement the Project Plan; and, be it
Further Resolved, That the proper City officials are directed to execute any additional documents and instruments necessary to carry out the intent of this resolution, including, without limitation, a Grant Agreement with Milwaukee World Festival, Inc. to design and construct a portion of the public infrastructure associated with the Lakefront Gateway project.
Drafter
DCD:Dan.Casanova:dac
06/14/16/A