{"MatterTextId":84933,"MatterTextGuid":"A6A67385-9E36-4D4A-9357-0127DAACCC0C","MatterTextLastModifiedUtc":"2025-08-25T19:09:22.683","MatterTextRowVersion":"AAAAAANQW2k=","MatterTextMatterId":71659,"MatterTextVersion":"0","MatterTextPlain":"..Number\n250733\n..Version\nORIGINAL\n..Reference\n\n..Sponsor\nALD. BAUMAN\n..Title\nResolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 129 (Mitchell Building), in the 4th Aldermanic District.\n..Analysis\nTax Incremental District No. 129 consists of one parcel located at 207 East Michigan Street. The District is being created to assist in the historic rehabilitation and conversion of an office building to a 60-unit multi-family residential building with 55 units set aside for households earning up to 80% and 90% of the Area Median Income and approximately 3,000 square feet of commercial space.\n\nThe Tax Incremental District will fund an annual payment to the Developer for up to 20 years, equal to 100 percent of any incremental property taxes (less $10,000 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount up to $1,900,000 as further described in the Project Plan attached to this Common Council file.\n..Body\nWhereas, The Wisconsin Legislature created Section 66.1105, Wisconsin Statutes, entitled “Tax Increment Law;” and\n\nWhereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and\n\nWhereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on August 21, 2025, the Authority conducted a public hearing on the proposed TID, designated the boundaries of the District, recommended that the District be created, and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and\n\nWhereas, As required by Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed TID must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(ae), Wisconsin Statutes; an area “in need of rehabilitation or conservation work” as defined in Section 66.1337(2m)(a), Wisconsin Statutes; suitable for “industrial sites” within the meaning of Section 66.1101, Wisconsin Statutes, and zoned for industrial use; or “suitable for mixed-use development” as defined in Section 66.1105(2)(cm), Wisconsin Statutes; now, therefore, be it\n\nResolved, By the Common Council of the City of Milwaukee that it finds and determines as follows:\n\n1. The District is “in need of rehabilitation or conservation work” and “suitable for mixed-use development” within the meaning of Section 66.1105(4)(gm)4.a., Wisconsin Statutes;\n\n2. As required by Section 66.1105(4)(gm)4.b., Wisconsin Statutes, the improvement and/or development of the District, as described in the Plan, is likely to enhance significantly the value of substantially all of the other real property in and adjoining the District;\n\n3. As required by Section 66.1105(4)(gm)4.bm., Wisconsin Statutes, the Project costs relate directly to promoting development consistent with the City of Milwaukee’s (“City”) Master Plan and with the purpose for which the District is created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes;\n\n4. As required by Section 66.1105(4)(gm)4.c., Wisconsin Statutes, the equalized value of taxable property of the District plus the value increment of all existing tax incremental financing districts in the City does not exceed the statutory maximum 12 percent of the total equalized value of taxable property within the City;\n\n5. As required by Section 66.1105(2)(f)3., Wisconsin Statutes, this mixed-use District is in a traditional neighborhood development, as defined in Section 66.1027(1)(c), Wisconsin Statutes; and be it\n\nFurther Resolved, That the District, designated as Tax Incremental District No. 129 (Mitchell Building), is hereby created and is effective as of January 1, 2025, and that the boundaries of the District are approved as described and more precisely set forth in the Plan and that the District contains only whole parcels and said parcels are contiguous as required by Sections 66.1105(2)(k)1 and 66.1105(4)(gm)1, Wisconsin Statutes; and, be it\n\nFurther Resolved, That the Plan is approved as the “Project Plan” for the District and that the Plan is feasible, in conformity with the Master Plan for the City, and will promote the orderly development of the City; and, be it\n\nFurther Resolved, That:\n\n1. The City Clerk is directed to apply to the Wisconsin Department of Revenue for a “Determination of Tax Increments and Tax Incremental Base,” for the District pursuant to the provisions of Section 66.1105(5), Wisconsin Statutes.\n\n2. Pursuant to the provisions of Section 66.1105(5)(f), Wisconsin Statutes:\n\na. The Assessment Commissioner is directed to identify upon the assessment roll, returned and examined under Section 70.45, Wisconsin Statutes, those parcels of property, which are within the District, specifying thereon the name of the District.\n\nb. The City Clerk is directed to make similar notations on the tax roll for the District when making the notations required of the City Clerk under Section 70.65, Wisconsin Statutes.\n\n3. Relative to the City’s $1,900,000 contribution provided for in the Plan, which is to be initially paid by Developer and reimbursed by the City, a variance is authorized from the procedures of Common Council File No. 68-461-x, being the Guidelines for the Control of Capital Expenditures, and the City Comptroller is hereby directed to establish the appropriate accounts within the TID Project Account, No. 0336-1910-TD12980000, to appropriate tax incremental collections equal to the total required to reimburse the Developer for the City’s contribution plus interest, as provided in the Term Sheet for the District, in such amounts as set forth in the Plan, and as shall be necessary to implement the Plan.\n\n4. The City Comptroller is directed to establish all accounts and to make all appropriation transfers, upon request by the Department of City Development, for all revenue or expenditure activity under this resolution; and, be it\n\nFurther Resolved, That there is not sufficient tax incremental revenue available for street-paving projects within one-half mile of the District, therefore, per the requirement of Milwaukee Code of Ordinances Section 304-95-1, the Common Council waives the requirement to include such costs in the Plan; and, be it\n\nFurther Resolved, That the proper City officials are directed to enter into a Development Agreement (and the standard agreements which are ancillary thereto, including but not limited to a Payment in Lieu of Taxes Agreement and Human Resources Agreement) and record the same, as may be applicable for the purposes of implementing the Plan on terms substantially in accordance with the Term Sheet for TID No. 129, which is Exhibit 3 of the Plan; and, be it\n\nFurther Resolved, That the proper City officials are directed to execute any additional documents and instruments necessary to carry out the provisions of the Development Agreement and to implement the Plan.\n..Drafter\nDCD:Larry.Kilmer:lk\n09/02/25/B","MatterTextRtf":"{\\rtf1\\ansi\\ansicpg1252\\deff0\\nouicompat\\deflang1033\\deflangfe1033{\\fonttbl{\\f0\\fnil\\fcharset0 Arial;}}\n{\\colortbl ;\\red0\\green0\\blue0;\\red255\\green255\\blue255;}\n{\\*\\generator Riched20 10.0.22621}\\viewkind4\\uc1 \n\\pard\\nowidctlpar\\cf1\\fs24 ..Number\\par\n250733\\par\n..Version\\par\nORIGINAL\\par\n..Reference\\par\n\\par\n..Sponsor\\par\n\\cf0 ALD. BAUMAN\\par\n\\cf1 ..Title\\par\nResolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 129 (Mitchell Building), in the 4th Aldermanic District.\\par\n..Analysis\\par\nTax Incremental District No. 129 consists of one parcel located at 207 East Michigan Street. The District is being created to assist in the historic rehabilitation and conversion of an office building to a 60-unit multi-family residential building with 55 units set aside for households earning up to 80% and 90% of the Area Median Income and approximately 3,000 square feet of commercial space.\\par\n\\par\nThe Tax Incremental District will fund an annual payment to the Developer for up to 20 years, equal to 100 percent of any incremental property taxes (less $10,000 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount up to $1,900,000 as further described in the Project Plan attached to this Common Council file.\\par\n..Body\\par\nWhereas, The Wisconsin Legislature created Section 66.1105, Wisconsin Statutes, entitled \\ldblquote Tax Increment Law;\\rdblquote  and\\par\n\\par\nWhereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (\\ldblquote Common Council\\rdblquote ) and the Redevelopment Authority of the City of Milwaukee (\\ldblquote Authority\\rdblquote ) must follow to create a Tax Incremental District (\\ldblquote TID\\rdblquote  or \\ldblquote District\\rdblquote ) and approve a Project Plan for a TID; and\\par\n\\par\nWhereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on August 21, 2025, the Authority conducted a public hearing on the proposed TID, designated the boundaries of the District, recommended that the District be created, and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (\\ldblquote Plan\\rdblquote ), a copy of which is attached to this Common Council File; and\\par\n\\par\nWhereas, As required by Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed TID must qualify as either a \\ldblquote blighted area\\rdblquote  within the meaning of Section 66.1105(2)(ae), Wisconsin Statutes; an area \\ldblquote in need of rehabilitation or conservation work\\rdblquote  as defined in Section 66.1337(2m)(a), Wisconsin Statutes; suitable for \\ldblquote industrial sites\\rdblquote  within the meaning of Section 66.1101, Wisconsin Statutes, and zoned for industrial use; or \\ldblquote suitable for mixed-use development\\rdblquote  as defined in Section 66.1105(2)(cm), Wisconsin Statutes; now, therefore, be it\\par\n\\par\nResolved, By the Common Council of the City of Milwaukee that it finds and determines as follows:\\par\n\\par\n\n\\pard\\cbpat2 1. The District is \\ldblquote in need of rehabilitation or conservation work\\rdblquote  and \\ldblquote suitable for mixed-use development\\rdblquote  within the meaning of Section 66.1105(4)(gm)4.a., Wisconsin Statutes;\\par\n\n\\pard\\nowidctlpar\\par\n2. As required by Section 66.1105(4)(gm)4.b., Wisconsin Statutes, the improvement and/or development of the District, as described in the Plan, is likely to enhance significantly the value of substantially all of the other real property in and adjoining the District;\\par\n\\par\n3. As required by Section 66.1105(4)(gm)4.bm., Wisconsin Statutes, the Project costs relate directly to promoting development consistent with the City of Milwaukee\\rquote s (\\ldblquote City\\rdblquote ) Master Plan and with the purpose for which the District is created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes;\\par\n\\par\n4. As required by Section 66.1105(4)(gm)4.c., Wisconsin Statutes, the equalized value of taxable property of the District plus the value increment of all existing tax incremental financing districts in the City does not exceed the statutory maximum 12 percent of the total equalized value of taxable property within the City;\\par\n\\par\n5. As required by Section 66.1105(2)(f)3., Wisconsin Statutes, this mixed-use District is in a traditional neighborhood development, as defined in Section 66.1027(1)(c), Wisconsin Statutes; and be it\\par\n\\par\nFurther Resolved, That the District, designated as Tax Incremental District No. 129 (Mitchell Building), is hereby created and is effective as of January 1, 2025, and that the boundaries of the District are approved as described and more precisely set forth in the Plan and that the District contains only whole parcels and said parcels are contiguous as required by Sections 66.1105(2)(k)1 and 66.1105(4)(gm)1, Wisconsin Statutes; and, be it\\par\n\\par\nFurther Resolved, That the Plan is approved as the \\ldblquote Project Plan\\rdblquote  for the District and that the Plan is feasible, in conformity with the Master Plan for the City, and will promote the orderly development of the City; and, be it\\par\n\\par\nFurther Resolved, That:\\par\n\\par\n1. The City Clerk is directed to apply to the Wisconsin Department of Revenue for a \\ldblquote Determination of Tax Increments and Tax Incremental Base,\\rdblquote  for the District pursuant to the provisions of Section 66.1105(5), Wisconsin Statutes.\\par\n\\par\n2. Pursuant to the provisions of Section 66.1105(5)(f), Wisconsin Statutes:\\par\n\\par\na. The Assessment Commissioner is directed to identify upon the assessment roll, returned and examined under Section 70.45, Wisconsin Statutes, those parcels of property, which are within the District, specifying thereon the name of the District.\\par\n\\par\nb. The City Clerk is directed to make similar notations on the tax roll for the District when making the notations required of the City Clerk under Section 70.65, Wisconsin Statutes.\\par\n\\par\n3. Relative to the City\\rquote s $1,900,000 contribution provided for in the Plan, which is to be initially paid by Developer and reimbursed by the City, a variance is authorized from the procedures of Common Council File No. 68-461-x, being the Guidelines for the Control of Capital Expenditures, and the City Comptroller is hereby directed to establish the appropriate accounts within the TID Project Account, No. 0336-1910-TD12980000, to appropriate tax incremental collections equal to the total required to reimburse the Developer for the City\\rquote s contribution plus interest, as provided in the Term Sheet for the District, in such amounts as set forth in the Plan, and as shall be necessary to implement the Plan.\\par\n\\par\n4. The City Comptroller is directed to establish all accounts and to make all appropriation transfers, upon request by the Department of City Development, for all revenue or expenditure activity under this resolution; and, be it\\par\n\\par\nFurther Resolved, That there is not sufficient tax incremental revenue available for street-paving projects within one-half mile of the District, therefore, per the requirement of Milwaukee Code of Ordinances Section 304-95-1, the Common Council waives the requirement to include such costs in the Plan; and, be it\\par\n\\par\nFurther Resolved, That the proper City officials are directed to enter into a Development Agreement (\\cf0 and the standard agreements which are ancillary thereto, including but not limited to a Payment in Lieu of Taxes Agreement and Human Resources Agreement) and record the same, as may be applicable \\cf1 for the purposes of implementing the Plan on terms substantially in accordance with the Term Sheet for TID No. 129, which is Exhibit 3 of the Plan; and, be it\\par\n\\par\nFurther Resolved, That the proper City officials are directed to execute any additional documents and instruments necessary to carry out the provisions of the Development Agreement and to implement the Plan.\\par\n..Drafter\\par\nDCD:Larry.Kilmer:lk\\par\n09/02/25/B\\par\n}\n"}