Number
231524
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the Lease of the Redevelopment Authority of the City of Milwaukee -owned building at 401 West Wisconsin Avenue, in the 4th Aldermanic District.
Analysis
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (“Authority”) owns the property at 401 West Wisconsin Avenue, which includes the Vel R. Phillips Plaza; and
Whereas, One of the features of the Vel R. Phillips Plaza is a building intended for operation by a food and beverage vendor (the “Building”); and
Whereas, The Authority conducted a Request for Proposals to find a food and beverage tenant to lease the Building, however, there were no proposals submitted; and
Whereas, Caravan Hospitality Group, LLC, or an affiliate (the “Tenant”), submitted an unsolicited proposal to lease the Building for a food and beverage operation; and
Whereas, The Authority held a public hearing on January 18, 2024 to review a Land Disposition Report concerning the proposed lease of the Building to the Tenant; and
Whereas, Pursuant to Wisconsin Statutes, including Wis. Stat. 66.1333 (9), and as a condition precedent to the sale, lease or transfer of land, the Authority staff submits to this file for the Authority’s consideration. the Land Disposition Report describing the terms and conditions of the proposed lease; now, therefore, be it
Resolved, That the Authority approves the Land Disposition Report and authorizes its officers to execute a lease with Tenant consistent with the Land Disposition Report, including an up to $750,000 cash grant for tenant improvements; and, be it
Further Resolved, That any lease proceeds shall be credited to the RACM General Fund.
Requestor
Drafter
David Misky January 19, 2024