City of Milwaukee - File #: 181634

• File #: 181634
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 2/5/2019
• In control: COMMON COUNCIL
• Final action: 2/26/2019
• Title: Resolution regarding procedures to expend funds from Tax Incremental District No. 92 (Sherman Phoenix) to attract and retain businesses, in the 7th Aldermanic District.
• Sponsors: ALD. RAINEY
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
3/5/2019	0	MAYOR	SIGNED
2/26/2019	0	COMMON COUNCIL	ADOPTED	Pass	14:0
2/20/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Natanael Martinez, Dept. of City Development Terrence Acquah, Dept. of City Development Ald. Coggs and Stamper joined the committee at 9:13 a.m.	Pass	4:0
2/14/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/14/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/14/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/5/2019	0	COMMON COUNCIL	ASSIGNED TO

Number
181634
Version
ORIGINAL
Reference
170787
Sponsor
ALD. RAINEY
Title
Resolution regarding procedures to expend funds from Tax Incremental District No. 92 (Sherman Phoenix) to attract and retain businesses, in the 7th Aldermanic District.
Analysis
This resolution directs that business attraction/retention funds authorized through the establishment of Tax Incremental District No. 92 be subject to the approval processes currently used for other commercial corridor grant programs.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) created Tax Incremental District No. 92 (“District”) with the adoption of File No. 170787 on September 26, 2017; and

Whereas, The District consists of ten properties near the intersection of West Fond du Lac Avenue and West Burleigh Street; and

Whereas, The District was created to assist in the redevelopment of the former BMO Harris Bank at 3536 West Fond du Lac Avenue into the Sherman Phoenix project and to encourage the redevelopment of nearby properties; and

Whereas, The District includes funding in the amount of $100,000 to establish a Business Attraction/Retention Fund (“Fund”) to be used to attract and retain office and retail tenants in the District and within an one half-mile radius of the District boundary per Wisconsin Statutes, Section 66.1105(2)(f); and

Whereas, The Fund may be used to make cash grants and loans to business operators and property owners for the purpose of tenant improvements, facade improvements, new signage or other expenses that will assist businesses to thrive; and

Whereas, File No. 170787 envisioned that term sheets for financial assistance from the Fund would be subject to approval by the Common Council and the Redevelopment Authority of the City of Milwaukee (“RACM”); and

Whereas, The Department of City Development (“DCD”) currently operates several Commercial Corridor Programs that make grants and loans for similar purposes throughout the City of Milwaukee (...