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File #: 240381    Version: 0
Type: Resolution Status: Passed
File created: 7/2/2024 In control: COMMON COUNCIL
On agenda: Final action: 7/30/2024
Effective date:    
Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 120 (Kin at Freshwater), in the 12th Aldermanic District.
Sponsors: ALD. PEREZ
Indexes: REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS
Attachments: 1. Kin at Freshwater Project Plan, 2. Fiscal Impact Statement, 3. Equity Impact Statement, 4. Comptroller Review Letter, 5. ZND Presentation, 6. Harbor District Support, 7. Walkers Point Association Support, 8. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
7/31/20240 MAYOR SIGNED   Action details Meeting details Not available
7/30/20240 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
7/23/20240 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Items 7, 8, 9, and 10 were taken together. Appearing: Matt Haessly, DCD Sam Leichtling, DCD Lori Lutzka, DCD Michael Emem, Emem Group Falamak Nourzad, Continuum Architects David Misky, DCD A presentation was given. It was stated Pres. Jose Perez was in support. Ald. Stamper left the meeting at 10:22 a.m. No public testimony.
Pass4:0 Action details Meeting details Video Video
7/2/20240 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
240381
Version
ORIGINAL
Reference

Sponsor
ALD. PÉREZ
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 120 (Kin at Freshwater), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 120 consists of one parcel located at 200 East Greenfield Avenue. The District is being created to assist in the development of an affordable housing project containing 140 apartments and approximately 1,300 square feet of commercial space.

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 $2,000,000.
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 July 10, 2024, 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 percent, by area, of ...

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