Number
220300
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 109 (Michigan Street Commons), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 109 consists of two parcels located at 533 North 9th Street and 547 North 9th Street. The District is being created to assist in the construction of a new 99 unit affordable housing development. The Tax Incremental District will fund an annual payment to the Developer for a period of up to 19 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 in the Tax Incremental District, not to exceed an amount sufficient to repay up to $1,800,000, at an interest rate not to exceed 5.75 percent.
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 (“RACM”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and
Whereas, Pursuant to Section 66.1105(4) (a) through (gm), Wisconsin Statutes, on June 16, 2021, RACM conducted a public hearing on the Project Plan, designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“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 re...
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