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File #: 181913    Version: 0
Type: Resolution Status: Passed
File created: 3/26/2019 In control: COMMON COUNCIL
On agenda: Final action: 4/16/2019
Effective date:    
Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 97 (The Avenue), in the 4th Aldermanic District.
Sponsors: ALD. BAUMAN
Attachments: 1. Fiscal Impact Statement, 2. Project Plan as of 3-14-19, 3. Comptroller Response, 4. Feasibility Study, 5. PowerPoint Presentation, 6. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
4/29/20190 MAYOR SIGNED   Action details Meeting details Not available
4/16/20190 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
4/9/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Dan Casanova, Dept. of City Development Tony Janowiec, Interstate Parking Co Chris Socha, Kubala Washatko Architects, Inc.
Pass5:0 Action details Meeting details Video Video
4/3/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/3/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/3/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
3/26/20190 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
181913
Version
ORIGINAL
Reference

Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 97 (The Avenue), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 97 consists of twenty-one properties in the vicinity of the former Grand Avenue Mall on West Wisconsin Avenue. The District is proposed to provide funding to assist Hempel Milwaukee, LLC (the “Developer”) in redeveloping the former Grand Avenue Mall. Funds from the District will be used for public access ways, plaza improvements and facade improvements for the project. The Developer will advance all costs for the project. The TID will fund an annual payment to the Developer for a period of up to 18 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from the increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $9,000,000, at 5.5 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 March 21, 2019 the Authority conducted a public hearing on the proposed Project Plan for the District (“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 the Plan, a copy of which is attac...

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