Number
110947
Version
ORIGINAL
Reference
030974, 100534, 110604
Sponsor
ALD. DONOVAN
Title
Resolution authorizing up to $700,000 in contingent borrowing for the Development Fund for economic development purposes, in the 8th Aldermanic District.
Analysis
This resolution authorizes up to $700,000 in contingent borrowing for the Development Fund to assist in further preparation of the Menomonee Valley Business Park for additional job creation and retention and an increase in property tax base.
Body
Whereas, The City of Milwaukee (“City”) has an ongoing commitment to job creation and retention; and
Whereas, On November 25, 2003, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 030974, which approved a Project Plan and created Tax Incremental District No. 53 (Menomonee Valley Business Park) (“TID No. 53” or the “District”); and
Whereas, The Department of City Development and the Redevelopment Authority of the City of Milwaukee utilized TID No. 53 to acquire and redevelop the former Milwaukee Road Shops Redevelopment Project Area into the Menomonee Valley Industrial Center and Community Park that thus far has resulted in significant tax base growth and job opportunities for City residents; and
Whereas, More specifically, TID No. 53 was leveraged with $12 million of grant funds to remediate environmental impacts, realign Canal Street, prepare developable areas for construction, create a stormwater treatment area, design and construct local roadways and sewers, install utilities and provide engineering oversight; and
Whereas, The City has sold property to seven businesses in the Menomonee Valley Industrial Center and Community Park for development that now has a tax district value of over $65 million with 1,100 jobs and it has two sales pending that will exceed the overall job goal of 1,300 jobs for the development; and
Whereas, A significant unknown in the overall development of the business park has been the geotechnical i...
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