Number
191900
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 104 (37th Street School), in the 15th Aldermanic District.
Analysis
Tax Incremental District No. 104 consists of one parcel totaling 69,130 square feet, located at 1715 North 37th Street. The District is being created to assist in the redevelopment and adaptive reuse of the former 37th Street School and the creation of 49 housing units.
The Tax Incremental District will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $3,000 in annual expenses), resulting from the increased taxable value of real and personal property in the Tax Incremental District, not to exceed an amount sufficient to repay up to $460,000, 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 (“RACM”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan (“Plan”) for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on March 19th, 2020 RACM conducted a public hearing on the 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 a proposed Plan for the District, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, ...
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