Number
190070
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution approving a Project Plan and a term sheet for a Loan Agreement, authorizing expenditures and creating Tax Incremental District No. 98 (The Ikon), in the 15th Aldermanic District.
Analysis
Tax Incremental District No. 98 consists of ten properties at the northwest corner of the intersection of West Fond du Lac Avenue and West North Avenue. The District is proposed to assist HG Sears, LLC (the “Developer”) in redeveloping the former Sears/Milwaukee Mall into a hotel and conference center. Funds from the District will be used to provide a $4,000,000 loan to assist the Developer with the project. The District also will fund $15,000 in administrative expenses.
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 April 11, 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 attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed TID must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(ae), Wisconsin Statutes; an area “in need...
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