Number
191679
Version
ORIGINAL
Reference
050592
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 60 (Milwaukee Intermodal Passenger Station Project), in the 4th Aldermanic District.
Analysis
This Resolution approves Amendment No. 1 to the Project Plan for the Tax Incremental District No. 60 (Milwaukee Intermodal Passenger Station Project), to allow donation to Tax Incremental District No. 74 (North 35th and West Capital Drive) and provide for street improvements outside of the district but within one-half mile.
Body
Whereas, With the approval of each of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”), and the Wis. Stat. 66.1105 Joint Review Board (“JRB”), Tax Incremental District (“TID”) No. 60 (the “Milwaukee Intermodal Passenger Station Project”) (Council Resolution 050592, RACM Resolution 9749) and TID No. 74 (the “North 35th and West Capitol Drive TID”) (Council Resolutions 090325 and 140437, RACM Resolutions 10105 and 10490) were created and those TID’s remain in existence and have not been statutorily terminated; and
Whereas, City Department of City Development (“DCD”) staff has recommended that the Milwaukee Intermodal Passenger Station Project TID donate to the North 35th and West Capitol Drive TID by allocating positive tax increments from the Milwaukee Intermodal Passenger Station Project TID to the North 35th and West Capitol Drive TID for each of years 2020-2024, inclusive, and provide funding for the street improvements to West Wells Street between North 6th and North 12th Streets; and
Whereas, Per Wis. Stat. 66.1105(6)(f) and 66.1105(4)(h), and to accomplish the donation, DCD staff prepared the proposed Amendment No. 1 to the Project Plan for the Milwaukee Intermodal Passenger Station Project TID (“Amendment 1”), a copy of which is attached to this Common Council File; and
Whereas, As Amend...
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