City of Milwaukee - File #: 110082

• File #: 110082
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/3/2011
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 6/14/2011
• Title: Substitute resolution designating the Redevelopment Authority as the agency to undertake Urban Redevelopment and Renewal Actions and authorizing execution of a Cooperation Agreement to facilitate a New Markets Tax Credit financing for the Century City Industrial Park and Villard Square Projects.
• Sponsors: ALD. WADE, ALD. HAMILTON
• Indexes: AGREEMENTS, REDEVELOPMENT AUTHORITY, REDEVELOPMENT, URBAN

Date	Ver.	Action By	Action	Result	Tally
6/23/2011	1	MAYOR	SIGNED
6/14/2011	1	COMMON COUNCIL	ADOPTED	Pass	15:0
6/14/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
6/7/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Individuals appearing: Dave Misky, Redevelopment Authority of the City of Milwaukee Tom Gartner, City Attorney's Office Rocky Marcoux, Commissioner, Department of Public Works Craig Kammholz, Comptroller's Office Ald. Ashanti Hamilton, 3rd District Ald. Murphy asks that the files be held to discuss the liability exposure to the city before it is approved by the Council. Ald. Witkowiak agrees to have a special commitee meeting before the Council meeting.	Pass	5:0
6/3/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/3/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/3/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/3/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/3/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
110082
Version
SUBSTITUTE 1
Reference

Sponsor
Ald. Wade and Ald. Hamilton
Title
Substitute resolution designating the Redevelopment Authority as the agency to undertake Urban Redevelopment and Renewal Actions and authorizing execution of a Cooperation Agreement to facilitate a New Markets Tax Credit financing for the Century City Industrial Park and Villard Square Projects.
Analysis
This Resolution designates the Redevelopment Authority as the agency to perform all actions under Sec. 66.1301 through 66.1329 stats. necessary to approve development plans and to undertake urban redevelopment and renewal and also authorizes execution of a Cooperation Agreement with the Redevelopment Authority in order to facilitate a New Markets Tax Credit financing for the benefit of the Century City Industrial Park Project and the Villard Square Grand Family Housing & Library Mixed Use Housing Community.
Body
Whereas, In September 2009, the Common Council approved a $34.6M budget for redevelopment of the A.O. Smith/Tower Automotive site (renamed Century City) into a business park as part of TID No. 74; and

Whereas, The Common Council adopted Resolution File No. 091666 on April 13, 2010 and RACM’s commissioners adopted Resolution No. 10192 on April 15, 2010 (collectively the “Villard Library Resolutions”) providing for the implementation of the Villard Square Grand Family Housing & Library Mixed Use Housing Community (the “Villard Library Project”); and

Whereas, RACM has applied for and received a New Markets Tax Credit (“NMTC”) allocation in the amount of $18,850,000 from the Milwaukee Economic Development Corporation (“MEDC”) which will allow the use of the NMTC financing to fund a portion of the costs of both the Century City Project and the Villard Library Project; and

Whereas, Implementation of the NMTC financing requires the creation of a Development Plan for the Century City Industrial Park Project and a Development Plan for the Village Square Grand Fa...