Number
190544
Version
ORIGINAL
Reference
150184, 150914
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 2 to the Project Plan, a Development Agreement and authorizing expenditures for Tax Incremental District No. 83 (Broadway and Michigan), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 83 was created in 2015 for the purpose of providing a $900,000 grant to assist with the redevelopment of the Mackie Building. Amendment No. 1 to the District revised the Project Plan to provide $1,935,000 in funding for streetscaping, traffic signals and lighting and $25,000 for administration expenses.
Amendment No. 2 would provide $3,900,000 for streetscaping and public infrastructure improvements. 511 Holdings, LLC, the Developer of the Huron Building, will advance $3,800,000 for the project. The Tax Incremental District will fund an annual payment to the Developer for a period of up to 10 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 from the Huron Building, not to exceed an amount sufficient to repay up to $3,800,000, at 5.5 percent interest. The City will also fund $100,000 in public infrastructure improvements to Pompeii Square through the District.
Body
Whereas, On June 23, 2015, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 150184, which approved a Project Plan and created Tax Incremental District No. 83 (Broadway and Michigan) (the “District”); and
Whereas, On November 2, 2015, the Common Council adopted File No. 150914, which approved Amendment No. 1 to the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on July 18, 2019, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted ...
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