A proposal to provide a $171,000 loan from the city of Milwaukee to an investment group for projects in the city’s Bronzeville area is headed to the Common Council on Tuesday.
The council’s Zoning, Neighborhoods and Development Committee this week unanimously approved the loan, which would come from a tax incremental financing district. TIF districts let municipalities borrow money for projects and pay off the debt with the increased property taxes generated by the new development.
The investment group, Inner City Arts LLC, plans to buy a city-owned building at 642 W. North Ave. for $10,000 and spend $501,000 remodeling it into offices. The group’s two Milwaukee developers, Vangard Group LLC and Endeavour Corp., plan to occupy the first floor of the 4,800-square-foot building. Some of the remaining space would be used as a construction plan review room for contractors.
The Bronzeville area is bordered by West Garfield Avenue, West Center Street, North Seventh Street and North Dr. Martin Luther King Drive.