NUMB:
971892
VERS:
SUBSTITUTE 1
REF:
970600
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to execute a Second Amendment to the Development Agreement for the City Hall Square Project, Tax Incremental District No. 23.
ANLS:
- Analysis -
This substitute resolution authorizes the execution of the Second Amendment to the Development Agreement for the City Hall Square Project between the City of Milwaukee and The Alexander Company, Inc. The original Development Agreement contemplated a $1.8 million second mortgage loan to be provided to an affiliate of The Alexander Company, Inc., for the development of the City Hall Square Office Building which is also known as Component III. Since this office building will now be developed by the Hammes Company, the existing Development Agreement will need to be amended to delete all references to the Component III Loan.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 23 ("TID No. 23") and pursuant to Common Council File No. 931485, adopted March 8, 1994, has approved the Project Plan for the District (the "TID Plan"); and
Whereas, The City pursuant to Common Council File No. 931822, adopted November 4, 1996, has authorized the execution of a Development Agreement for The Alexander Company, Inc., for the City Hall Square Project; and
Whereas, The City pursuant to Common Council File No. 970600, adopted September 23, 1997, executed a First Amendment to the Development Agreement for the City Hall Square Project; and
Whereas, The Development Agreement as amended contemplated a $1.8 million second mortgage loan to assist in the development of the City Hall Square Office Building, also known as Component III; and
Whereas, According to the terms and conditions of the amended Development Agreement, an affiliate of The Alexander Company, Inc., has borrowed $750,000 to acquire the Component III site; and
Whereas, The parties hereto desire to enter into a Second Amendment to the Development Agreement by and between the City, the Redevelopment Authority of the City of Milwaukee, and The Alexander Company, Inc., to delete all references to the Component III second mortgage loan; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute the Second Amendment to the Development Agreement for the City Hall Square Project between the City, the Redevelopment Authority of the City of Milwaukee, and The Alexander Company, Inc., such Agreement shall reflect the deletion of all references to the Component III transaction once the land acquisition loan has been fully repaid.
ZDPT:
DFTR:
DCD:DMcC:mnb
3/25/98