Number
100993
Version
SUBSTITUTE 1
Reference
090563
Sponsor
ALD. WITKOWSKI
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 76, South 27th Street and West Howard Avenue, in the 13th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 76 in 2009 to fund the redevelopment of a 17-acre site bounded by South 27th Street on the west, a branch of the KK River on the north and east and West Howard Avenue on the south. The initial focus of the plan was the redevelopment of the former Foster Pontiac property at 3636 South 27th Street. The TID plan approved a loan to convert that property into retail facilities. The developer for that plan was unable to obtain financing for the project. This amendment will assist a different developer with a similar, but smaller project. In this case, the TID will fund up to $175,000 of public improvements and onsite landscaped buffers. TID No. 76 has incurred no costs to date.
Body
Whereas, On December 22, 2009, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 090563 approving a Project Plan and creating Tax Incremental District No. 76, South 27th Street and West Howard Avenue (“District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on December 16, 2010, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on Amendment No. 1 to the Project Plan for the District (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, ...
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