Proposed arena district amendment would boost minority-owned businesses
“The amendment provides the opportunity for minority-owned businesses to be a part of this diverse, catalytic and transformational Milwaukee project – as they should be.”
Alderman Joe Davis, Sr. is proposing an amendment to the tax incremental district for the new downtown arena that would provide unique opportunities for minority-owned businesses.
The proposed Common Council resolution to be introduced by Alderman Davis would amend the operating agreement for TID No. 84 (downtown arena district) to ensure that 50,000 square feet of retail or commercial space is made available exclusively for minority-owned businesses.
Additionally, the measure would provide for a 25% per square foot cost reduction for minority-owned business tenants for the first five years. The amendment would include the entire “Proposed 8 Block Development” that is a key centerpiece of the arena development proposal, Alderman Davis said.
“The amendment provides the opportunity for minority-owned businesses to be a part of this diverse, catalytic and transformational Milwaukee project – as they should be,” said Alderman Davis, chair of the Council’s Community and Economic Development Committee.
Alderman Davis noted that Milwaukee has “lacked traction” when it comes to fostering success of minority-owned businesses. “This is about the future, and attempting to chip away at the lack of growth in our number of minority-owned businesses,” he said.
“This proposal is not going to be a panacea, but in my mind it sure is a good start,” the alderman said. Alderman Davis said he expects the amendment resolution to be heard by the Zoning, Neighborhoods and Development Committee.