IMMEDIATE ADOPTION
Number
191960
Version
ORIGINAL
Reference
Sponsor
ALD. HAMILTON, COGGS AND LEWIS
Title
Resolution relating to a Payment in Lieu of Taxes agreement between the City of Milwaukee and the Wisconsin Center District.
Analysis
This resolution directs the appropriate City officials to prepare and execute a Payment in Lieu of Taxes agreement between the City and the Wisconsin Center District on terms and conditions substantially conforming to the terms and conditions of a document attached to this resolution.
Body
Whereas, The Board of the Wisconsin Center District (WCD) has authorized a $419.9 million expansion, an increase in the Milwaukee County hotel tax and an extension of the food and beverage tax to include takeaway meals purchased in restaurants and convenience stores; and
Whereas, WCD’s expansion will double its footprint in the City; and
Whereas, Representatives of the City have negotiated the terms of a Payment in Lieu of Taxes agreement with the WCD to compensate the City for the service burden of the convention center; and
Whereas, The terms of this agreement as described in the document attached to this resolution require the WCD to pay the City $1 million from its first $30 million in net income beginning in 2025, and an additional $1 million for each $10 million in net income realized by WCD above $30 million; and
Whereas, The terms of the agreement also require the WCD to pay the City $250,000 in May, 2022, $500,000 in May, 2023, and $750,000 in May, 2024, for a total of $1.5 million; and
Whereas, Approval of a Payment in Lieu of Taxes agreement on the terms and conditions described would compensate the City for the service burden of the convention center; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the appropriate City officials are directed to prepare and execute a Payment in Lieu of Taxes agreement between the City and the Wisconsin Center District on terms and ...
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