Number
191901
Version
SUBSTITUTE 1
Reference
060895, 080541
Sponsor
ALD. PEREZ
Title
Substitute resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 68 (Fifth Ward-First Place) and authorizing additional funding and expenditures, and approving a development agreement, in the 12th Aldermanic District.
Analysis
This substitute resolution approves Amendment No. 3 to Tax Incremental District No. 68, which authorizes the expenditure of $1,401,375 in additional project funding for riverwalk, dock wall, and street stub end construction, traffic light installation, and funding for an ADA compliant Riverwalk ramp.
Body
Whereas, On December 12, 2006, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 060895, which approved a Project Plan and created Tax Incremental District (“TID”) No. 68 (the “District”); and
Whereas, On September 16, 2008, the Common Council adopted File No. 080541, which approved Amendment No. 1 to the Project Plan and an updated boundary for the District; and
Whereas, On August 8, 2016, the Common Council adopted File No. 160416, which approved Amendment No. 2 to the Project Plan; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on March 19, 2020, the Redevelopment Authority of the City of Milwaukee (“RACM”) conducted a public hearing on Amendment No. 3 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and
Whereas, Sections 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provide that an amendment to a Project Plan shall be approved by the Common Council by the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); and
Whereas, The City, RACM and Admiral’s Wharf, LLC (“Developer”) have negoti...
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