City of Milwaukee - File #: 140595

• File #: 140595
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/22/2014
• In control: COMMON COUNCIL
• Final action: 10/14/2014
• Title: Substitute resolution approving an amendment to the Loan Agreement, Tax Incremental District No. 53 - Menomonee Valley Industrial Center (lngeteam, Inc. Project), in the 8th Aldermanic District.
• Sponsors: THE CHAIR
• Indexes: TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
10/23/2014	1	MAYOR	SIGNED
10/14/2014	1	COMMON COUNCIL	ADOPTED	Pass	14:0
10/7/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: David Misky, Redevelopment Authority of the City of Milwaukee Thomas Gartner, City Attorney's Office Aitor Sotes, Ingleteam Inc.	Pass	5:0
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/22/2014	0	COMMON COUNCIL	ASSIGNED TO

Number

140595

Version

SUBSTITUTE 1

Reference

030974

Sponsor

THE CHAIR

Title

Substitute resolution approving an amendment to the Loan Agreement, Tax Incremental District No. 53 - Menomonee  Valley Industrial Center (lngeteam,  Inc. Project), in  the  8^th Aldermanic District.

Analysis

This amendment adjusts certain employment goals set forth in the Loan Agreement with lngeteam, Inc. regarding its facility in the Menomonee Valley Industrial Center. Due to the continuing weakness in the economy, employment is not expected to meet the milestones set forth in the Agreement as early as originally contemplated.  lngeteam currently has 80 employees at its Menomonee Valley Industrial Center facility.   The purpose of the amendment is to more accurately reflect anticipated employment levels given the current economy.

Body

Whereas, The Redevelopment Authority of the City of Milwaukee and lngeteam, Inc. entered into a Loan Agreement, TID No. 53 - Menomonee Valley Industrial Center (lngeteam, Inc. Project) as June 25, 2010; and

Whereas, Pursuant to the Loan Agreement, RACM funded a $2 million forgivable loan (the "Loan") to lngeteam for the purpose of financing a portion of the costs of constructing and equipping its facility in the Menomonee Valley Industrial Center; and

Whereas, The Loan was funded using TID-53 expenditures approved pursuant to the Project Plan for TID-53 approved by Common Council Resolution File No. 030974, adopted November 25, 2003; and

Whereas, Section 2.4 of the Loan Agreement provided for loan forgiveness in each year that lngeteam maintained employment at its Menomonee Valley facility of not less than the Minimum Employment Requirement set forth on Exhibit C attached to the Loan Agreement; and

Whereas, Due to the continuing weakness of the economy, employment is not expected to meet the milestones set forth in Exhibit C to the Loan Agreement as early as originally contemplated and accordingly RACM and lngeteam propose to enter into a First Amendment to Loan Agreement; and

Whereas, The amended and restated Exhibit C, a copy of which is attached to this file, is acceptable; now therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the revised Exhibit C and an amendment to the Loan Agreement, copies of which are attached to this file, are approved.

Requestor

Drafter

City Attorney

5/12/14:TOG:Imc

LRB154179-2

Teodros W. Medhin:lp

7/22/2014