City of Milwaukee - File #: 221817

• File #: 221817
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 3/21/2023
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 4/18/2023
• Title: Resolution approving Amendment No. 5 to the Project Plan for Tax Incremental District No. 48 (Park East) and authorizing expenditures in the 3rd, 4th and 6th Aldermanic Districts.
• Sponsors: ALD. BAUMAN, ALD. COGGS, ALD. BROSTOFF
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
4/24/2023	0	MAYOR	SIGNED
4/18/2023	0	COMMON COUNCIL	ADOPTED	Pass	15:0
4/11/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Dan Casanova, Dept. of City Development Ald. Milele Coggs, 6th Ald. Dist. Mr. Casanova gave a presentation.	Pass	4:0
3/21/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
221817
Version
ORIGINAL
Reference
011182, 041514, 101297, 151547 and 160418
Sponsor
ALD. BAUMAN, COGGS AND BROSTOFF
Title
Resolution approving Amendment No. 5 to the Project Plan for Tax Incremental District No. 48 (Park East) and authorizing expenditures in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
Tax Incremental District No. 48 was created in 2002 to fund public infrastructure to encourage redevelopment of the former Park East Freeway Corridor. In 2011, the District was amended to provide loans to the North End and Moderne apartment projects. In 2016, the District was amended to fund Riverwalk improvements. This proposed Amendment No. 5 to Tax Incremental District No. 48 would provide up to $15,750,000 for costs associated with the construction of the Vel R. Phillips Plaza at 401-41 West Wisconsin Avenue, $4,350,000 for public infrastructure improvements, $500,000 towards commercial property renovation and $150,000 in administrative costs, totaling $20,750,000.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011182, which approved a Project Plan and created Tax Incremental District No. 48 (Park East) (the “District”); and

Whereas, On May 3, 2005, the Common Council adopted File No. 041514, which approved Amendment No. 1 to the District; and

Whereas, On July 26, 2011, the Common Council adopted File No. 101297, which approved Amendment No. 2 for the District; and

Whereas, On March 1, 2016, the Common Council adopted File No. 151547, which approved Amendment No. 3 for the District; and

Whereas, On July 26, 2016, the Common Council adopted File No. 160418, which approved Amendment No. 4 for the District; and

Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on March 16, 2023, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on Amendment No. 5 to the Project Plan for the District (“Amendment”), approved the Amendment by r...