City of Milwaukee - File #: 101297

• File #: 101297
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 2/8/2011
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 7/26/2011
• Title: Substitute resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 48, Park East, in the 3rd, 4th and 6th Aldermanic Districts.
• Sponsors: ALD. KOVAC, ALD. MURPHY
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
7/29/2011	1	MAYOR	SIGNED
7/26/2011	1	COMMON COUNCIL	ADOPTED	Pass	14:0
7/19/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Rocky Marcoux, Commissioner - Department of City Development Jim Scherer, Department of City Development Dick Lincoln, Mandel Group Corporation Ald. Nik Kovac, Aldermanic District 3 Craig Kammholz, Comptroller's Office Michael Daun, Comptroller's Office Ald. Murphy moved to amend the term sheet and development agreement, as recommended by the Comptroller's office, as follows: 1) Designate that funds in the Debt Service Management Account are a first security interest of the City, allowing the City to apply these funds against the principal balance outstanding in the event of foreclosure. 2) The term sheet be modified to incorporate a City review of all Phase II contracts prior to their execution to achieve a dollar-for-dollar budget and City loan reduction whenever the prevailing wage requirement is not included. Likewise, upon completion of construction, any actual dollar savings from the exclusion or prevailing wage requirements should inure to the City. There were no objections. Individual from the public who appeared to speak: Rose Steets, MICA	Pass	5:0
7/14/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/13/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/13/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/13/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/8/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
101297
Version
SUBSTITUTE 1
Reference
011182, 041514
Sponsor
ALD. KOVAC AND MURPHY
Title
Substitute resolution approving Amendment No. 2 to the Project Plan and authorizing expenditures for Tax Incremental District No. 48, Park East, in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
The Common Council created Tax Incremental District No. 48 in 2002 to fund the redevelopment of 64 acres of vacant land made available by the removal of the former Park East Freeway spur. The purpose of the Project Plan and subsequent Amendment No. 1 were to fund public infrastructure in the corridor to promote redevelopment of the vacant parcels. Amendment No. 2 will provide $4,628,940 to fund a loan to the North End Phase II project, $2,200,000 in additional funds for public infrastructure associated with the project and $300,000 in administration costs as well as the release $500,000 in previously authorized job training funds.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011182, which approved a Project Plan and created Tax Incremental District No. 48, Park East, (the “District”); and

Whereas, On May 3, 2005, the Common Council adopted File No. 041514, which approved Amendment No. 1 to the Project Plan and an updated boundary for the District; and

Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on July 14, 2011, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and

Whereas, Sections 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provide that an amendment to a Project Plan shall be approved by the Common Council by the adoption of a resolution, which contains findings that such amendment is feasible ...