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File #: 200250    Version: 0
Type: Resolution Status: Passed
File created: 6/16/2020 In control: COMMON COUNCIL
On agenda: Final action: 7/7/2020
Effective date:    
Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 105 (Community Within the Corridor), in the 15th Aldermanic District.
Sponsors: ALD. STAMPER
Attachments: 1. TID 105 Project Plan, 2. Fiscal Impact Stattement, 3. Comptroller Response, 4. Hearing Notice List, 5. PowerPoint Presentation
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
7/17/20200 MAYOR SIGNED   Action details Meeting details Not available
7/7/20200 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
6/30/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Appearing: Maria Prioletta, Dept. of City Development Ald. Russell Stamper, 15th Ald. Dist. Que El-Amin, Scott Crawford Inc. Khalif El-Amin, Scott Crawford Inc. Ray Nitti Shane LaFave, Roers Companies Ald. Chantia Lewis, 9th Ald. Dist.
Pass5:0 Action details Meeting details Video Video
6/26/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/26/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/25/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/25/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/25/20200 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/16/20200 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
200250

Version
ORIGINAL

Reference

Sponsor
ALD. STAMPER

Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 105 (Community Within the Corridor), in the 15th Aldermanic District.

Analysis
Tax Incremental District No. 105 consists of four parcels totaling 304,616 square feet, located at 2727-47 North 32nd Street, 2748 North 32nd Street, 3212 West Center Street and 2758 North 33rd Street. The District is being created to assist in the redevelopment and adaptive reuse of a series of vacant industrial buildings and the creation of 197 housing units, commercial and community space.

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 $7,500 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 $3,150,000, at 4.5 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 (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and

Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on June 18, 2020 the Authority conducted a public hearing on the Project 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 Project Plan for the District (“Plan”), a copy of whi...

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