Number
191671
Version
ORIGINAL
Reference
011240, 110324, 090325, 140437
Sponsor
ALD. BAUMAN, HAMILTON AND DODD
Title
Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 49 (Cathedral Place), in the 4th Aldermanic District, to allow donations to Tax Incremental District No. 74 (North 35th Street and West Capitol Drive), in the 7th Aldermanic District, and authorizing additional public infrastructure expenditures within the one-half mile radius of the Tax Incremental District No. 49 boundary.
Analysis
This resolution approves Amendment No. 2 to the Project Plan for Tax Incremental District No. 49 (Cathedral Place) to allow donation to Tax Incremental District No. 74 (North 35th Street and West Capitol Drive) of up to $7,754,926 and to provide up to an additional $1,850,000 in funding for public infrastructure improvements within a one-half mile radius of the Tax Incremental District No. 49 boundary.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011240, which approved a Project Plan and created Tax Incremental District No. 49 (Cathedral Place) (“TID 49”) to facilitate the development of the Cathedral Place project; and,
Whereas, On July 26, 2011, the Common Council adopted File No. 110324, which approved Amendment No. 1 (“Amendment 1”) to the TID 49 Project Plan to provide funding for the Milwaukee Streetcar Project; and
Whereas, On September 1, 2009, the Common Council adopted File No. 090325, which approved a Project Plan and created Tax Incremental District No. 74 (North 35th Street and West Capitol Drive) (“TID 74”) to assist in the redevelopment of the former Tower Automotive Site; and
Whereas, On July 22, 2014, the Common Council adopted File No. 140437, which approved Amendment 1 to the TID 74 Project Plan to reset TID 74’s base value; and
Whereas, To date, TID 74 has not generated any incremental value despite the re-determination of ...
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