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File #: 200378    Version: 0
Type: Resolution Status: Passed
File created: 7/7/2020 In control: COMMON COUNCIL
On agenda: Final action: 7/28/2020
Effective date:    
Title: Resolution approving Amendment No. 1 to the Project Plan, a Development Agreement and authorizing expenditures for Tax Incremental District No. 84 (West McKinley and West Juneau), in the 4th and 6th Aldermanic Districts.
Sponsors: ALD. BAUMAN, ALD. HAMILTON, ALD. COGGS
Attachments: 1. Fiscal Impact Statement, 2. TID 84 Plan Amendment No 1, 3. Hearing Notice List, 4. Comptroller Response, 5. PowerPoint
Number
200378

Version
ORIGINAL

Reference
150383

Sponsor
ALD. BAUMAN, HAMILTON, and COGGS

Title
Resolution approving Amendment No. 1 to the Project Plan, a Development Agreement and authorizing expenditures for Tax Incremental District No. 84 (West McKinley and West Juneau), in the 4th and 6th Aldermanic Districts.

Analysis
Tax Incremental District No. 84 was created in 2015 for the purpose of providing a $20,000,000 contribution to the Bucks Arena (now known as Fiserv Forum). The District provided a $12,000,000 grant to the public plaza adjacent to Fiserv Forum and an $8,000,000 developer-financed grant towards the new parking structure built to the north of Fiserv Forum.

Amendment No. 1 would provide $1,000,000 for façade restoration and affordable students housing units at the Journal Square Project. JS1962 Holdings LLC, a subsidiary of J. Jeffers and Co. and the Developer of the Journal Square Project, will advance $1,000,000 for the project. The Tax Incremental District will fund an annual payment to the Developer for a period of up to 10 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 from the Journal Square Project, not to exceed an amount sufficient to repay up to $1,000,000, at 4.5 percent interest.
Body
Whereas, On September 22, 2015, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 150383, which approved a Project Plan and created Tax Incremental District No. 84 (West McKinley and West Juneau) (the “District”); and

Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on July 16, 2020, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 1 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 t...

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