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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