Number
110602
Version
ORIGINAL
Reference
051461
Sponsor
ALD. DONOVAN
Title
Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 63, Rexnord Industries LLC/Falk Gear Group Project, and authorizing expenditures, in the 8th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 63 in 2006 for the purpose of facilitating upgrades to the Rexnord facility at 3001 West Canal Street and to fund one-time expenses of the company in connection with the Menomonee Valley Shops redevelopment plan and the extension of Canal Street through the Rexnord property. The District consists only of the 51-acre Rexnord facility, which houses its Falk Gear division. Rexnord now plans to invest over $32 million to convert the facility into its Gear Center of Excellence model plant. Improvements include streamlining manufacturing processes, investments in new equipment and related technology, upgrades to existing equipment, as well as lighting and efficiency improvements. Goals are to significantly improve quality outcomes and reduce production lead times. This amendment approves an additional $1 million of funding for Rexnord’s project. Funding will be advanced by Rexnord and recovered from actual tax increments generated by the District. This is a “pay-as-you-go” TID.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on April 11, 2006 adopted File No. 051461, which approved a Project Plan and created Tax Incremental District No. 63, for the Rexnord/Falk project (the “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on August 25, 2011, the Redevelopment Authority of the City of Milwaukee (“Authority”) 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...
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