City of Milwaukee - File #: 091567

• File #: 091567
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 3/24/2010
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 5/25/2010
• Title: Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 70, 735 North Water Street, in the 4th Aldermanic District.
• Sponsors: THE CHAIR
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
6/1/2010	1	MAYOR	SIGNED
5/25/2010	1	COMMON COUNCIL	ADOPTED	Pass	12:1
5/18/2010	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
5/18/2010	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Individuals appearing: Alyssa Remington, Department of City Development Jim Scherer, Department of City Development Craig Kammholz, Office of the Comptroller Sheldon Opperman, Compass Properties LLC Mr. Scherer says that the photos of design changes will be made part of the file. Ald. Bauman moves to make the photos of design changes part of the file. Prevailed 4-0. (Ald. Murphy excused)	Pass	4:0
5/12/2010	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/19/2010	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
3/24/2010	0	COMMON COUNCIL	ASSIGNED TO

Number
091567
Version
Substitute 1
Reference
060961
Sponsor
THE CHAIR
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 70, 735 North Water Street, in the 4th Aldermanic District.
Analysis
This substitute resolution fulfills the statutory requirements for amending the Project Plan for Tax Incremental District No. 70. The amendment to the Project Plan revises the scope of the private investment as it relates to the end use of the building located at 731 North Water Street. Given a change in the market, the originally proposed development of seven luxury condominium units has been modified to include the conversion of the building into a Gold’s Gym and retail, office and “gray box” condominium space. In addition, the incremental revenue will be applied to the first payback of the City’s $1,554,000 contribution toward the Riverwalk rehabilitation, based on a 15-year amortization schedule. The grant to the balance of the project of $1.5 million remains unchanged with funds being advanced by the developer and recovered from incremental revenue only after the City has received sufficient funds based on the above payback schedule. This resolution authorizes the Commissioner of the Department of City Development, other public officials and the Redevelopment Authority of the City of Milwaukee to take such actions as are necessary to accomplish the objectives of the amended Project Plan and authorizes the City Comptroller to create the necessary and appropriate subaccounts for Plan implementation.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) adopted File No. 060961 on September 5, 2007, which approved a Project Plan (“Plan”) and created Tax Incremental District No. 70, 735 North Water Street (“TID No. 70” or “District”); and

Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a publi...