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File #: 240382    Version:
Type: Resolution Status: Passed
File created: 7/2/2024 In control: COMMON COUNCIL
On agenda: Final action: 7/30/2024
Effective date:    
Title: Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub), in the 6th Aldermanic District.
Sponsors: ALD. COGGS
Indexes: REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS
Attachments: 1. Project Plan - Bronzeville Arts and Tech Hub, 2. Equity Impact Statement, 3. Fiscal Impact Statement, 4. Comptroller Review Letter, 5. ZND Presentation, 6. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
7/31/20241 MAYOR SIGNED   Action details Meeting details Not available
7/30/20241 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
7/23/20241 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Items 4, 5, and 6 were taken together. Appearing: Matt Haessly, DCD Lori Lutzka, DCD Michael Adetoro, FIT Investment Group Michael Emem, Emem Group Ald. Milele Coggs, 6th Ald. Dist. A presentation was given. Ald. Coggs was in support.
Pass5:0 Action details Meeting details Video Video
7/15/20241 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
7/2/20240 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
240382
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. COGGS
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 121, having an address at 616-618 West North Avenue, currently comprises eight parcels(628 West North Avenue, 626 West North Avenue, 622 West North Avenue, 616 West North Avenue, 2307 North 6th Street, 2317 North 6th Street, 2316 North 7th Street, 2322 North 7th Street) to be consolidated into a single parcel via Certified Survey Map, subject any necessary approvals and conditions. The District is being created to assist in the development of an affordable housing project containing 60 apartments and approximately 28,750 square feet of commercial space.

The Tax Incremental District will fund an annual payment to the Developer for a period of up to 19 years, equal to 100 percent of any incremental property taxes (less $3,750 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 $700,000.
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 recomm...

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