Number
160297
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan, authorizing expenditures and creating Tax Incremental District No. 88 (4th and Wisconsin), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 88 consists of two properties bounded by West Michigan Street, North 5th Street, West Wisconsin Avenue and North 4th Street. The District will provide $8,000,000 in funding for the Milwaukee Streetcar’s 4th Street extension and $75,000 for administrative expenses, totaling $8,075,000.
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 June 16, 2016 the Authority conducted a public hearing on the proposed Project Plan for the District (“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 the 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, by area, of the real property within a proposed TID must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(ae), Wisconsin Statutes; an area “in need of rehabilitation or conservation work” as defined in Section 66.1337(2m)(a), Wisconsin Statutes; must be suitable for “industrial sites” within the meaning of Section 66.1101, Wisconsin Statu...
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