Number
260432
Version
ORIGINAL
Reference
090564, 090688, 140453 and 190175
Sponsor
ALD. PÉREZ
Title
Resolution approving Amendment No. 4 to the Project Plan for Tax Incremental District No. 75 (Reed Street Yards) and authorizing expenditures, in the 12th Aldermanic District.
Analysis
This Resolution approves Amendment No. 4 to the Project Plan for the Tax Incremental District No. 75 (Reed Street Yards) (“Amendment 4”), to fund up to $8,950,000 for public infrastructure improvements, $2,500,000 for commercial corridor programs, $2,500,000 for property acquisition (and related site work), $1,000,000 for housing programs, $1,500,000 for contingency and $750,000 in administrative costs, totaling $17,200,000, as further described in Amendment 4 to the Project Plan attached to this Common Council file.
Body
Whereas, Pursuant to Section 66.1105, Wis. Stat., entitled the “Tax Increment Law,” and with the approval of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”), and the Joint Review Board (“JRB”), Tax Incremental District No. 75 (“TID 75” or the “District”) was created and amended by Council Resolutions 090564, 090688, 140453 and 190175 and RACM Resolutions 10117, 10317, 10491 and 10802, and TID 75 remains in existence and has not been statutorily terminated; and
Whereas, The Department of City Development (“DCD”) staff has recommended that TID 75 provide funding for up to $8,950,000 for public infrastructure improvements, $2,500,000 for commercial corridor programs, $2,500,000 for property acquisition (and related site work), $1,000,000 for housing programs, $1,500,000 for contingency and $750,000 in administrative costs, totaling $17,200,000; and
Whereas, Section 66.1105(2)(f)1.n., Wis. Stat., permits amendments to fund project costs located outside, but within one-half mile of the District’s boundary; and
Whereas, Amendment 4 to the TID 75 Project Plan will fund up to $8,950,000 for public infrastructure im...
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