Number
190404
Version
ORIGINAL
Reference
Sponsor
ALD. DODD
Title
Resolution approving an Out of Program Agreement, a Project Plan, and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 99 (Joy Farms), in the 5th Aldermanic District.
Analysis
Tax Incremental District No. 99 consists of 2 properties totaling approximately 28.05 acres in the area bounded by North 115th Street on the north and east, the Menomonee River to the west and the lot line at the south.
Adoption of this resolution will fulfill statutory requirements for approving a Project Plan and creating a Tax Incremental District to provide a cash grant to assist Wes Land II, LLC (the “Developer”) in the financing of a sanitary sewer and water main line within the boundaries of the District and within 1/2 mile of the boundaries of the District. This resolution authorizes the Commissioner of the Department of City Development, other public officials and the Redevelopment Authority to take such actions, as are necessary, to accomplish the objectives of the Project Plan, including entering into an Out of Program Agreement with the Developer for public infrastructure work, and also authorizes the City Comptroller to create the necessary and appropriate accounts and subaccounts for Project Plan implementation.
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 District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on June 20, 2019, the Authority conducted...
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