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| | 1. | | Pledge of Allegiance
Minutes note: The meeting was called to order at 1:30 p.m. The Pledge of Allegiance was said. | | | |
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| | 4. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 133 (2711 West Wells).
Minutes note: Dee Kanter of the Commissioner’s Office provided the background for 2711 W. Wells Street. The $51M project includes 124 units of senior housing with a completion date in the Fall 2027. The $2.6M Developer-Financed Affordable Housing TID has a 25-year payback at a 2.0% interest rate and includes a cost saving provision. The project also includes SBE and RPP, and follows the Anti-Dsiplacement Policy. Pat O’Brien of Milwaukee Development Corporation was again in attendance.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 5 ayes, 0 nays, and 1 abstention. Adopted resolution is No. 11071.
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| 0 | 5. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 133 (2711 West Wells). | | | |
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| | 6. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 134 (Austin Commons).
Minutes note: Larry Kilmer of the Commissioner’s Office provided the background to the $33M project at 2318 S. Austin Street that will construct 100 units of affordable housing. The $2.135M Developer-Financed Affordable Housing TID has a 21-year payback at a 5.91% interest rate and includes SBE and RPP.
Since the April 16, 2026 RACM Meeting, there was a second neighborhood meeting with ~25-30 attendees which addressed many of the parking questions. Commissioner Smith asked how the development team is proposing to address the parking questions. Brandon Methu of Northernstar and Tyler Sheeran of Commonwealth Development responded that they were able to show the public their parking study, indicate the streets will move to dual-sided parking, and their management company (ACC Management) will implement a vehicle registration practice, 12-month parking leases, and on-going oversight of the parking spots.
Commissioner Chariler asked about the capital stack to which Mr. Sheeran stated they are waiting on one final commitment from a source and will be closing on their financing in July.
Mr. Misky shared that the Authority received four emails in opposition to the development, including neighbor Anders Meyer who spoke at the last RACM Meeting, and two emails in support. All emails are part of the RACM file and will be part of the Common Council file.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11072.
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| 0 | 7. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 134 (Austin Commons). | | | |
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| | 8. | | Resolution approving an Eighth Amendment to the Project Plan for Tax Incremental Financing District No. 56 (Erie Jefferson).
Minutes note: Alyssa Remington of Economic Development provided the background to the TID that was created in 2004 for the Riverwalk and other public infrastructure. This resolution would authorize the donation of $1.5M of increment from TID 56 to TID 89 (Griot and the America’s Black Holocaust Museum) and $1.3M of increment from TID 56 to TID 106 (Former McKinley School).
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11073.
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| 0 | 9. | Resolution | Resolution approving an Eighth Amendment to the Project Plan for Tax Incremental Financing District No. 56 (Erie Jefferson). | | | |
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| | 11. | | Adjournment
Minutes note: The meeting was adjourned at 2:02 p.m. Minutes prepared by David Misky. | | | |
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