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File #: 201474    Version: 0
Type: Resolution Status: Passed
File created: 3/2/2021 In control: COMMON COUNCIL
On agenda: Final action: 3/23/2021
Effective date:    
Title: Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 52 (Sigma-Aldrich Corp.), in the 1st Aldermanic District, to allow donations to Tax Incremental District No. 58 (20th & Walnut), Tax Incremental District No. 65 (20th & Brown), and Tax Incremental District No. 66 (Metcalfe Park Homes), in the 15th Aldermanic District.
Sponsors: ALD. STAMPER
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Project Plan Amendment TID 52, 2. Fiscal Impact Statement, 3. PowerPoint, 4. Comptroller Letter, 5. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
3/25/20210 MAYOR SIGNED   Action details Meeting details Not available
3/23/20210 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Video Video
3/16/20210 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Appearing: Alyssa Remington, Dept. of City Development Maria Prioletta, Dept. of City Development Ald. Russell Stamper, 15th Ald. Dist.
Pass5:0 Action details Meeting details Video Video
3/2/20210 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
201474
Version
ORIGINAL
Reference
030094, 050276, 051275, 060893, 081418
Sponsor
ALD. STAMPER
Title
Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 52 (Sigma-Aldrich Corp.), in the 1st Aldermanic District, to allow donations to Tax Incremental District No. 58 (20th & Walnut), Tax Incremental District No. 65 (20th & Brown), and Tax Incremental District No. 66 (Metcalfe Park Homes), in the 15th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 52 in 2003 by adoption of File No. 030094 to assist in the relocation costs, including but not limited to environmental remediation, extraordinary site improvements, stormwater management and traffic improvements associated with the relocation of Sigma-Aldrich Corporation as a result of the Marquette Interchange project.

Amendment No. 1 to the Project Plan for TID No. 52 will approve donating funds from TID No. 52 to TID No. 58 (20th & Walnut), to TID No. 65 (20th & Brown) and to TID No. 66 (Metcalfe Park Homes). Due to a significant downturn in the economy in 2008, TID Nos. 58, 65 and 66 have not generated the anticipated incremental revenue and there are no immediate prospects for redevelopment within the districts, which would produce such an increment. It is proposed that TID No. 52 donate sufficient revenue to these districts to completely retire their project costs and to cause the districts to be closed out. TID No. 52 has sufficient surplus revenue to accomplish this with donation.
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, Boundaries and a Project Plan for Tax Incremental District (“TID” or “District”) No. 52 were approved by the Redevelopment Authority of the City of Milwaukee (“Authority”) and the Common Council of the City of Milwaukee (“Common Council”) ...

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