Number
221109
Version
ORIGINAL
Reference
Sponsor
ALD. BROSTOFF
Title
Resolution approving a Project Plan, authorizing expenditures, authorizing Grant Agreements, and creating Tax Incremental District No. 111 (East North Avenue), in the 3rd Aldermanic District.
Analysis
Tax Incremental District No. 111 consists of 10 properties on East North Avenue between North Oakland Avenue and the Milwaukee River. Tax Incremental District No. 111 will assist in funding up to $3,800,000 in public infrastructure improvements along East North Avenue and within a one-half mile radius of the District boundary, $100,000 towards commercial property renovation and $200,000 in administrative costs, up to a total of $4,100,000.
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 project plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on November 17, 2022 the Authority conducted a public hearing on the proposed Project Plan (“Plan) for Tax Incremental District No. 111 (the “District”), designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with the 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 TID must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(ae), Wisconsin Statutes; an ar...
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