City of Milwaukee - File #: 230625

• File #: 230625
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/1/2023
• In control: COMMON COUNCIL
• Final action: 9/19/2023
• Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 117 (Filer and Stowell), in the 14th Aldermanic District.
• Sponsors: ALD. DIMITRIJEVIC
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
9/28/2023	0	MAYOR	SIGNED
9/19/2023	0	COMMON COUNCIL	ADOPTED	Pass	14:0
9/12/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Maria Prioletta, Dept. of City Development Ald. Marina Dimitrijevic, 14th Ald. Dist. S.R. Mills, Bear Real Estate Group A presentation was made. Ald. Dimitrijevic was in support. Gregory Bird, resident, provided public testimony with concerns regarding increased density, design, and environmental conditions of the site. Ald. Stamper moved to enter into the record written testimony to be submitted by Mr. Byrd. There was no objection.	Pass	5:0
9/1/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
230625
Version
ORIGINAL
Reference
230593
Sponsor
ALD. DIMITRIJEVIC
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 117 (Filer and Stowell), in the 14th Aldermanic District.
Analysis
Tax Incremental District No. 117 consists of one parcel located at 1st Street and East Becher Street. The District is being created to assist in the development of an affordable housing project containing 576 apartments, including 432 family units and 144 elderly units.

The Tax Incremental District will fund an annual payment to the Developer for a period of up to 17 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 $9,200,000.
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 August 17, 2023, 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)(gm)4.a., Wisconsin Statutes, not less than 50 percen...