City of Milwaukee - File #: 100642

• File #: 100642
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/21/2010
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 10/12/2010
• Title: Substitute resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 27, Clarke Square, in the 12th Aldermanic District.
• Sponsors: James N. Witkowiak
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
10/21/2010	1	MAYOR	SIGNED
10/12/2010	1	COMMON COUNCIL	ADOPTED	Pass	15:0
10/5/2010	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals present: Jim Scherer - Dept. of City Development Hussain Govani - developer Randy Roth - consultant	Pass	5:0
9/28/2010	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/21/2010	0	COMMON COUNCIL	ASSIGNED TO

Number
100642
Version
SUBSTITUTE 1
Reference
941695

Sponsor
ALD. WITKOWIAK
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 27, Clarke Square, in the 12th Aldermanic District.
Analysis
This resolution approves Amendment No. 1 to the Project Plan for TID No. 27 which will provide $400,000 of financing for the development of a 6500 s.f. retail facility and adjacent site improvements at 1538 thru 1574 W. National Ave. The site improvements will also serve a second phase retail and office building planned to the east of the initial retail facility. Funding will be provided in the form of an interest-free loan, payable over 17 years.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on April 25, 1995, adopted File No. 941695 approving a Project Plan and creating Tax Incremental District No. 27, Clarke Square (“District”); and

Whereas, The Tax Incremental District (TID) No. 27 was created to fund site assembly and environmental remediation for the Pick n Save Mega Mart at S. 18th St. and W. National Ave; and

Whereas, The 112,000 s.f. store filled a significant need for a full-service grocery store in the Clarke Square neighborhood; and

Whereas, The project also includes a food court, clinic / pharmacy, bank, liquor store, optical center and day care center; and

Whereas, TID No. 37 has incurred costs of $2.8 million; and

Whereas, The district generates approximately $225,000 in annual incremental revenue, and is currently expected to close-out following the 2012 levy; and

Whereas, Amendment No. 1 to the Project Plan for TID No. 27 will provide $400,000 of financing for the development of a 6500 s.f. retail facility and adjacent site improvements at 1538 thru 1574 W. National Ave.; and

Whereas, The site improvements will also serve a second phase retail and office building planned to the east of the initial retail facility; and,

Whereas...