City of Milwaukee - File #: 160416

• File #: 160416
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/6/2016
• In control: COMMON COUNCIL
• Final action: 7/26/2016
• Title: Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 68 (Fifth Ward - First Place) and authorizing additional funding and expenditures, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
8/3/2016	1	MAYOR	SIGNED
7/26/2016	1	COMMON COUNCIL	ADOPTED	Pass	15:0
7/19/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Individual appearing: Alyssa Remington, Department of City Development Ald. Coggs moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
7/19/2016	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/14/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/6/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160416
Version
SUBSTITUTE 1
Reference
060895, 080541
Sponsor
ALD. PEREZ
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 68 (Fifth Ward - First Place) and authorizing additional funding and expenditures, in the 12th Aldermanic District.
Analysis
This substitute resolution approves Amendment No. 2 to TID No. 68, which adds seven parcels to the district and authorizes the expenditure of $1,700,000 in additional project funding for riverwalk, dockwall and street stub end construction.
Body
Whereas, On December 12, 2006, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 060895, which approved a Project Plan and created Tax Incremental District (“TID”) No. 68 (the “District”); and

Whereas, On September 16, 2008, the Common Council adopted File No. 080541, which approved Amendment No. 1 to the Project Plan and an updated boundary for the District; and

Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on June 16, 2016, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and

Whereas, Sections 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provide that an amendment to a Project Plan shall be approved by the Common Council by 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”); and

Whereas, The City, the Authority and LCM Funds 38 Harbor View, LLC (“Developer”) have negotiated a Riverwalk Development Agreement (“Development Agreement”), which will require the City to contribute a maximum of $1,630,000 to finance 70 percent of the eligible costs of constructing a Riverwalk a...