Number
090563
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. WITKOWSKI
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating a Tax Incremental District for the South 27th Street and West Howard Avenue Project, in the 13th Aldermanic District.
Analysis
Tax Incremental District No. 76, City of Milwaukee (the “District”), consists of a site of approximately 17 acres, bounded by South 27th Street on the west, West Howard Avenue on the south and the Milwaukee Metropolitan Sewerage District right-of-way for the southeast branch of the Kinnickinnic River on the east and north. The District includes eight properties, including two vacant auto dealerships, a retail mall, a trailer court, the historic Wildenberg Hotel and a CVS pharmacy.
The Project Plan will be implemented in phases. The first phase provides for a loan to redevelop the now vacant former Foster Pontiac auto dealership at 3636 South 27th Street. This structure will be converted to 19,550 square feet of neighborhood retail space, plus provide for outlots to accommodate at least one sit-down 6,500 square foot restaurant and other retail venues. The Project cost is $4.9 million. The TID will fund a $500,000 loan to be amortized over 15 years at 5 percent. Interest will accrue on the loan, at the rate of 2 percent, until the one remaining outlot is developed, but for no longer than three years, at which time loan payments will commence. All loan payments will be applied to amortize the cost of the TID Project Plan. Payback of the TID is estimated at 9 years.
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 ...
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