City of Milwaukee - File #: 230668

• File #: 230668
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/1/2023
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 10/10/2023
• Effective date: 10/28/2023
• Title: A substitute ordinance relating to common council approval of amendments to tax incremental district project plans and related documents.
• Sponsors: ALD. MURPHY

Date	Ver.	Action By	Action	Result	Tally
10/27/2023	1	CITY CLERK	PUBLISHED
10/12/2023	1	MAYOR	SIGNED
10/10/2023	1	COMMON COUNCIL	PASSED	Pass	14:1
10/3/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Appearing: Jeff Osterman, Legislative Reference Bureau Pres. Jose Perez, Common Council/12th Ald. Dist. Lafayette Crump, Dept. of City Developer Commissioner Ald. Brostoff moved substitution of the file with Proposed Substitute A. (Prevailed 4-0)	Pass	4:0
10/3/2023	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PASSAGE	Pass	3:1
9/1/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
230668
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. MURPHY
Title
A substitute ordinance relating to common council approval of amendments to tax incremental district project plans and related documents.
Section
304-93-4.5 cr
Analysis
This ordinance provides that certain amendment to the project plan, budget, funding, term sheet, expenditure plan, or repayment terms for a tax incremental district may only be made with the approval of the common council.
Body

The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 304-93-4.5 of the code is created to read:

304-93. Tax Incremental Districts-Authorized Funding.

4.5. AMENDMENTS; COMMON COUNCIL APPROVAL. No amendment to the project plan, budget, funding, term sheet, expenditure plan, or repayment terms, including but not limited to the interest rate, repayment schedule and expenditures eligible for repayment, for a tax incremental district that would increase the city’s fiscal obligation in connection therewith, including but not limited to forgiving interest payment or tax incremental district donations, subject to sub. 2-b, may be made without the approval of the common council. Notwithstanding the foregoing, the commissioner of city development or any other proper city official may undertake administrative approvals of, or authorize modifications to, the project plan, budget, term sheet or repayment terms, including but not limited to modifications to the project commencement and completion dates and descriptions therein, and execute any additional documents, agreements and instruments necessary to implement the project plan and carry out the agreements in connection therewith, provided the approvals or modifications do not increase the city’s fiscal obligation for the tax incremental district.

LRB
APPROVED AS TO FORM

____________________________
Legislative Reference Bureau
Date: _______________________
Attorney
IT IS OUR OPINION THAT THE ORD...