Number
221453
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 112 (Martin Luther King Library), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 112 consists of five parcels located along North Martin Luther King Jr. Drive between West Locust Street and West Chambers Street. The District is being created to assist in the development of a project containing a mixed-use development, with a new Martin Luther King library and 93 housing units.
The Tax Incremental District will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $3,000 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 $915,000.
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 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)...
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