Summary

Authority Approves Major Redevelopment Funding

MilwaukeeJul 16, 20262 min read

At a glance

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The Authority approved a $17.2 million amendment for Reed Street Yards infrastructure, streetscaping, commercial-corridor grants and housing programs. It also approved a 200-unit affordable housing project, $9.875 million in tax-exempt financing for Austin Commons, and $500,000 in additional brownfield funding.

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Authority Approves Major Redevelopment Economic Development The Redevelopment

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REDEVELOPMENT AUTHORITY

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Budget & TaxCommerceEnvironmentalHousing

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What this means

The approved projects direct financing toward affordable housing, neighborhood improvements, commercial development and cleanup of contaminated properties. Midtown Commons is planned in two phases, with completion targeted for spring and fall 2028. The Bronzeville Arts and Tech Hub also received approval for a $1.645 million developer-financed tax increment loan and a separate brownfield loan of up to $500,000.

Key decisions

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Approved Amendment No. 4 to the Reed Street Yards tax increment financing project plan, providing $17.2 million for infrastructure, streetscaping, public art, commercial-corridor grants and housing programs.
Approved the Midtown Commons tax increment financing plan for a 200-unit affordable housing development, with phases expected to be completed in spring and fall 2028.
Approved the first amendment to the Bronzeville Arts and Tech Hub project plan for a 29,000-square-foot commercial building. The $11.1 million development will use $1.645 million in developer-financed tax increment funding and had pre-commitments for 70% of the space.
Approved a first amendment to the ground lease for properties at 2185 North Prospect Avenue and 1925 East Kenilworth Place, aligning lease termination dates so the building can continue to be used beyond 2036 while debt service is paid down.
Approved up to $9.875 million in tax-exempt bond financing for the Austin Commons Project. The action followed two additional public meetings and creation of a parking plan addressing neighborhood concerns.
Approved acceptance of an additional $500,000 for the Brownfield Revolving Loan Fund, bringing total grant dollars to $17.8 million.
Reauthorized up to $500,000 from the EPA Brownfield Revolving Loan Fund for the Bronzeville Arts and Tech Hub, structured as a 16-year loan at 4% interest.
Approved the listed resolutions by votes ranging from 4-0 with one abstention to 5-0, as recorded in the minutes.

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