$1.85M Cathedral Square plan proceeds
A $1.85 million plan to improve downtown Milwaukee’s Cathedral Square Park has received preliminary approval — which could eventually lead to a new stage for Jazz in the Park and other events.
The city funds would be used to upgrade the sidewalks, landscaping, lighting, benches and trash cans on the perimeter of the Milwaukee Countyowned park, 520 E. Wells St.
That’s under a proposal endorsed Tuesday by the Common Council’s Zoning, Neighborhoods and Development Committee on a 4-0 vote.
The cash would be provided by property tax revenue from a tax incremental financing district created in 2002 to help develop Cathedral Place.
That large office and condominium building is at 545 E. Wells St., just south of the park.
Its tax district has generated property tax revenue beyond what was needed to pay down its debt.
The $1.85 million in improvements would be a first phase of a larger plan to improve Cathedral Square if the proposal is approved by the full council.
Future phases would be funded through grants and other private sources, with that effort led by Cathedral Square Friends Inc. That nonprofit group is working with county officials on a long-range plan for the park.
The second phase calls for improved landscaping within the park itself, as well as refurbishing its historic monuments.
Those include one noting the 1854 rescue of fugitive slave Joshua Glover from what was then the Milwaukee County jail.
A third phase envisions a permanent stage for Jazz in the Park and other performances, a building with concessions and restrooms and a new water feature to replace the park’s defunct fountain.
The Cathedral Square funding is tied to a $13.4 million proposal to bail out the financially troubled Century City Business Park.
The proposal would use property tax revenue generated by tax financing districts used to help develop Cathedral Place, the former Grand Avenue mall and the Milwaukee Intermodal Station.
Those funds would help pay down the $24.7 million in debt owed by Century City’s tax financing district.
The financing district at Century City, created at the former A.O. Smith
Corp./Tower Automotive Inc. site, has generated little property tax revenue.
That’s due to a lack of new development at the business park, which is south of Capitol Drive and west of Hopkins Street, as well as a decline in nearby home values.
So far, Century City has attracted just two employers: Good City Brewing’s distribution center and office and Talgo’s rail car refurbishing facility.
If the bailout wins Common Council approval, it would affect Milwaukee’s property tax base by extending by five years the Cathedral Place, Grand Avenue and Milwaukee Intermodal tax districts.
Once those districts close, the increased property tax base from their developments become available to the city, Milwaukee Public Schools and other local governments.