Number
190173
Version
SUBSTITUTE 1
Reference
011182, 041514, 101297, 141313, 151547, 160418
Sponsor
ALD. COGGS AND BAUMAN
Title
Substitute resolution approving Amendment No. 5 to the Project Plan and authorizing additional funding and expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
This substitute resolution approves Amendment No. 5 to the Project Plan for Tax Incremental District No. 48 to authorize funding of new project costs for the Bronzeville Streetcar Extension and Public Plaza at West Wisconsin and Vel R. Phillips Avenues.
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, Boundaries and a Project Plan for Tax Incremental District (“TID” or “District”) No. 48 were approved by the Redevelopment Authority of the City of Milwaukee (“Authority”) and the Common Council of the City of Milwaukee (“Common Council”) in 2002 by adoption of File No. 011182 to, among other things, fund the redevelopment of 64 acres of vacant land made available by the removal of the former Park East Freeway spur; and
Whereas, On May 3, 2005, the Common Council adopted File No. 041514, which approved Amendment No. 1 to the TID No. 48 Project Plan to provide an increase in funding for additional public infrastructure improvements and change the boundary for the District; and
Whereas, On July 26, 2011, the Common Council adopted File No. 101297, which approved Amendment No. 2 to the TID No. 48 Project Plan to fund additional public infrastructure, administrative costs and workforce development related to The North End Phase II Project; and
Whereas, On March 1, 2016, the Common Council adopted File No. 151547, which approved Amendment No. 3 to the TID No. 48 Project Plan to fund a workforce development program related to the construction of the new a...
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