Number
171108
Version
SUBSTITUTE 1
Reference
130053, 150157
Sponsor
ALD. KOVAC
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 79 (North Water Street Riverwalk) and approving an Amended and Restated Riverwalk and Dockwall Development Agreement, in the 3rd Aldermanic District.
Analysis
This substitute resolution approves Amendment No. 2 to TID No. 79, which adds four parcels to the district, approves an Amended and Restated Riverwalk and Dockwall Development Agreement and expends funding toward the rehabilitation of a dockwall.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on May 21, 2013, adopted File No. 130053, which approved a Project Plan and created Tax Incremental District No. 79 (North Water Street Riverwalk) (“TID” or “District”) to provide a $1.6 million grant to assist in the construction of riverwalks, related public improvements and the development of an 87-unit, 4-story apartment complex, but said apartment complex was not developed; and
Whereas, The Common Council on June 2, 2015, adopted File No. 150157, which approved Amendment No. 1 to the Project Plan for the District that provided funding up to $3,920,000 to finance 70 percent of the cost to construct a riverwalk extension, 100 percent of the cost of three public connections and 50 percent of the cost of a dockwall reconstruction; and
Whereas, The District has incurred project costs of $2,052,423, including interest on debt and associated carrying charges, and approximately $0 of incremental revenue has been generated in the TID; and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on November 16, 2017, the Redevelopment Authority of the City of Milwaukee (the “Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution and submitted such Amendment, a copy of which is attached to this Com...
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