Number
191013
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 102 (Schuster’s Building), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 102 consists of four properties in the vicinity of the former Schuster’s building at 2153 North Dr. Martin Luther King Jr. Drive. The District is proposed to provide funding to assist Royal Capital Group, LLC (the “Developer”) in redeveloping the building into office, retail, residential and parking uses. The Developer will advance all costs for the project. The District will fund an annual payment to the Developer for a period of up to 25 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $15,000,000, 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 October 17, 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...
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