City of Milwaukee - File #: 221108

• File #: 221108
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 11/22/2022
• In control: COMMON COUNCIL
• Final action: 12/13/2022
• Title: Resolution approving a Project Plan, a Development Agreement and Grant Agreements, authorizing expenditures and creating Tax Incremental District No. 110 (Vel R. Phillips and Michigan), in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
12/19/2022	0	MAYOR	SIGNED
12/13/2022	0	COMMON COUNCIL	ADOPTED	Pass	12:0
12/6/2022	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Lafayette Crump, DCD Commissioner Dan Casanova, DCD Ryan Smith, Fiserv Kim Ford, Fiserv Pres. Jose Perez, Common Council Ald. JoCasta Zamarripa, 8th Ald. Dist. Joshua Benson, Comptroller's Office A presentation was made. Peter Rickman, Milwaukee Area Service and Hospitality Workers Union, testified in support.	Pass	5:0
11/22/2022	0	COMMON COUNCIL	ASSIGNED TO

Number
221108
Version
ORIGINAL
Reference

Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan, a Development Agreement and Grant Agreements, authorizing expenditures and creating Tax Incremental District No. 110 (Vel R. Phillips and Michigan), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 110 (the “District”) consists of three properties (three separate condominium units in the same building) located at 331 West Wisconsin Avenue/640 North Vel R. Phillips Avenue. The District is proposed to assist Fiserv Solutions, LLC (the “Company”), an affiliate entity of Fiserv, Inc., in redeveloping a portion of the building at 331 West Wisconsin Avenue/640 North Vel R. Phillips Avenue and as an incentive for adding employment in the City of Milwaukee (“City”), the Company will advance all costs for the project. Once the project is completed, the City will make annual cash grants to the Company equal to 75 percent of the incremental taxes generated from the District until such time as up to $7,000,000 (less $10,000 in annual expenses) is repaid at an interest rate of 4.5 percent, over a period not to exceed 20 years. In addition, the District will also provide up to $4,600,000 for public infrastructure improvements within a one-half mile radius of the District boundary (including a $1,000,000 cash grant to North Wells Capital, LLC (or an affiliate thereof) for streetscaping improvements) and $100,000 in administrative expenses.
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 (“TID” or “District”)) and approve a pro...