Number
090688
Version
SUBSTITUTE 1
Reference
090564
Sponsor
ALD. WITKOWIAK
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and a Term Sheet authorizing expenditures for Tax Incremental District No. 75 (Reed Street Yards), in the 12th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 75 in 2009 to fund public infrastructure at the Reed Street Yards to create a water technology and business park. Amendment No. 1 will provide up to $6,217,770 to fund public infrastructure costs associated with the Reed Street Yards water technology and business park and a loan to a business improvement district.
Body
Whereas, On September 22, 2009, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 090564, which approved a Project Plan and created Tax Incremental District No. 75 (Reed Street Yards) (the “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on November 17, 2011, 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 the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council by adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it finds and determines as follows:
1. The Amendment retains the existing boundaries of the District and does not alter the number of properties within the District. Therefore, the findings made in File No. 090564, pursuant to Section 66.1105(4)(gm)l and 4, Wisconsi...
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