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File #: 181044    Version: 0
Type: Resolution Status: Passed
File created: 10/16/2018 In control: COMMON COUNCIL
On agenda: Final action: 11/5/2018
Effective date:    
Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 95 (Villard Commons), in the 1st Aldermanic District.
Sponsors: ALD. HAMILTON
Indexes: TAX INCREMENTAL DISTRICTS
Attachments: 1. Fiscal Impact Statement, 2. Project Plan as of 10-24-18, 3. Comptroller Response, 4. Hearing Notice List, 5. DCD PowerPoint, 6. Villard Commons Rents
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
11/9/20180 MAYOR SIGNED   Action details Meeting details Not available
11/5/20180 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
10/30/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Maria Prioletta, Dept. of City Development Michael Roane, Brinshore Development Rafael Garcia, Index Development Group Que El-Amin, Index Development Group Heidi Henley, Index Development Group Pres. Ald. Ashanti Hamilton, Common Council 1st Ald. Dist.
Pass5:0 Action details Meeting details Video Video
10/24/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/24/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/24/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/24/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/16/20180 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
181044
Version
ORIGINAL
Reference

Sponsor
ALD. HAMILTON
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 95 (Villard Commons), in the 1st Aldermanic District.
Analysis
Tax Incremental District No. 95 consists of five parcels totaling 23,764 square feet, located at 3611-33 West Villard Avenue. The District is being created to assist in the development of a mixed-use building, with 43 housing units and approximately 1,700 square feet of commercial space.

The Tax Incremental District will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $3,000 in annual expenses), resulting from the increased taxable value of real and personal property in the Tax Incremental District, not to exceed an amount sufficient to repay up to $500,000, at 4.5 percent interest.
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 October 18, 2018 the Authority conducted a public hearing on the Project 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 a proposed Project Plan for the District (“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 Statut...

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