Number
260433
Version
ORIGINAL
Reference
240382
Sponsor
ALD. COGGS
Title
Resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub), in the 6th Aldermanic District.
Analysis
This Resolution approves Amendment No. 1 to the Project Plan for the Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub) (“Amendment No 1”), to fund the Commercial Component of the Bronzeville Arts & Tech Hub, as further described in Amendment No. 1 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. 121(“TID 121” or the “District”) was created by Council Resolution 240382 and RACM Resolution 11008 and TID No.121 remains in existence and has not been statutorily terminated; and
Whereas, The District was created in order to assist with the residential component of the Bronzeville Arts & Tech Hub, which created 60 units of affordable housing; and
Whereas, The Department of City Development (“DCD”) staff recommends that TID 121 be amended to provide funding for costs associated with the construction of the Commercial Component of the Bronzeville Arts & Tech Hub; and
Whereas, Amendment No. 1 to the TID 121 Project Plan will fund up to a $1.645 million cash grant funded by the development team, FIT Investment Group, LLC and Bronzeville Arts and Tech Hub, LLC, to assist in the funding of the Commercial Component of the Bronzeville Arts & Tech Hub, located at 610 West North Avenue in the Bronzeville Arts and Entertainment District in the 6th Aldermanic District; and
Whereas, As further provided in Amendment No. 1, the Commercial Component of the Bronzeville Arts & Tech Hub will consist of an approximately 2...
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