Number
090564
Version
Substitute 1
Reference
Sponsor
ALD. WITKOWIAK
Title
Substitute resolution approving a Project Plan and creating a Tax Incremental District for the Reed Street Yards, in the 12th Aldermanic District.
Analysis
This substitute resolution approves a Tax Incremental District Project Plan to provide $6,420,000 in financial assistance for the development of the Reed Street Yards at South 3rd Street and West Pittsburgh Avenue, which will include infrastructure, defraying extraordinary site costs and grants for water-related companies. This resolution does not authorize expenditures.
The Tax Incremental District is roughly bounded by the Menomonee Canal to the north and west, South 2nd and South 3rd Streets to the east and West Florida Street to the south.
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 (“District” or “TID”) and approve a Project Plan for a District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Project Plan, designated the boundaries of a District and recommended that the District be created and submitted such recommendation to the Common Council for approval with the proposed Project Plan for the District for the Reed Street Yards (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed District must qualify as either a “blighted area” within the meaning o...
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