Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 127, 100 East Wisconsin, and authorizing additional expenditures, in the 4th Aldermanic District.

Summary

This resolution approves Amendment No. 1 to the Project Plan for Tax Incremental District (TID) No. 127, located at 100 East Wisconsin Avenue. The amendment increases the developer grant by $2.2 million, bringing the total TID contribution to $16.6 million, to cover additional hard and soft costs for the substantial rehabilitation and conversion of a 34-story office building into 373 residential units. Of these, 75 units will be affordable to households with incomes at or below 100% of the Area Median Income (AMI). The amendment also allocates an additional $40,000 for the administration of the TID. The project is expected to be completed by late 2028, with the TID payments to the developer, including interest at up to 6.58%, concluding by the 2044 tax levy (payable in 2045). The developer assumes the financial risk for recouping these costs through future incremental tax revenue.

Citizen Impact

This project will add 373 new residential units, including 75 affordable units, to downtown Milwaukee. Residents will benefit from the rehabilitation of a historic building and increased housing options, though the primary financial risk is borne by the developer, not the city's taxpayers.

Confidence

high