Number
161313
Version
SUBSTITUTE 1
Reference
971894, 990115, 000430, 131580
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 4 to the Project Plan, two Cooperation Agreements and authorizing expenditures and additional funding for Tax Incremental District No. 37 (Grand Avenue), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 37 was created in 1998 to revitalize the downtown retail and commercial district anchored by the Grand Avenue retail center. Initially, the District assisted in the construction of the Courtyard by Marriott hotel, as well as public infrastructure improvements in the area totaling $2,500,000 in project costs. Amendment No. 1 to the District Project Plan was approved in 1999 and provided $9,400,000 towards the redevelopment of the former Marshall Field’s/Gimbels building into office, hotel and retail uses and is now known as the ASQ Center. Amendment No. 2 to the Plan was approved in 2000 and provided $5,000,000 towards the redevelopment of the Boston Store building into office, residential and retail uses. Amendment No. 3 to the Plan was approved in 2014 and provided $1,200,000 to Bon-Ton Stores, Inc. to assist in keeping its headquarters and the Boston Store department store in downtown Milwaukee.
Amendment No. 4 to the Plan authorizes funds for a number of projects and improvements surrounding the Grand Avenue mall complex: a facade grant to assist in the redevelopment of the Grand Theater ($750,000), a forgivable loan to Bon-Ton Stores, Inc. ($1,900,000), street improvement projects ($4,365,000), other public infrastructure improvement projects ($750,000) and administrative expenses ($100,000), totaling $7,865,000. This file also authorizes $1,449,728 in additional project funding within Tax Incremental District No. 37 for previous project costs.
Body
Whereas, On June 16, 1998, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 971894, which approved a Pr...
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