Number
241348
Version
ORIGINAL
Reference
210716
Sponsor
ALD. BAUMAN
Title
Resolution authorizing lease amendments and assignments for the Redevelopment Authority of the City of Milwaukee-owned property at 1027 North Edison Street and the City-owned property at 1001 North Edison Street from North Edison, LLC to The Edison SPE, LLC and its assignees, in the 4th Aldermanic District.
Analysis
This resolution approves a first amendment and assignment of leases between The Edison SPE, LLC, North Edison, LLC, the City of Milwaukee, and the Redevelopment Authority of the City of Milwaukee for properties at 1001 and 1027 North Edison Street according to the conditions in a Land Disposition Report pursuant to Wis. Stat. 66.1333 (9) and Milwaukee Code of Ordinances, Sections 304-49-5 and 304-49-8.
Body
Whereas, On September 21, 2021, Common Council File No. 210716 authorized lease agreements for the Redevelopment Authority of the City of Milwaukee (“RACM”)-owned property at 1027 North Edison Street and the City of Milwaukee (“City”)-owned property at 1001 North Edison Street to The Neutral Project, LLC and its assignees; and
Whereas, On December 23, 2021, the RACM, the City, and North Edison, LLC (“Developer”) entered into leases concerning the properties on which the Developer will develop the private property at 1005 North Edison Street into a multi-story residential-commercial project and wishes to improve the adjacent RACM- and City-owned properties as summarized in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council file; and
Whereas, the Developer wishes to assign its interest in the lease to The Edison SPE, LLC, in order to accommodate financing for the development; and
Whereas, The Department of City Development (“DCD”) has reviewed the proposed development and recommends approval of the development and improvements to adjacent properties; and
Whereas, DCD wishes to enter into a lease amendment to facilitate the development of the project and improvements to the adjacent City and RACM-owned parcels and adjacent right-of-way; and
Whereas, DCD has reviewed the terms of the lease amendment and prepared the LDR and recommended approval of same to the RACM Board; and
Whereas, The RACM Board considered this matter and approved the terms and conditions of the lease amendment related to the RACM-owned parcel at 1027 North Edison Street per the LDR; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Common Council approves the LDR and lease amendments for the City and RACM properties and adjacent right-of-way as per the terms and conditions in the LDR; and, be it
Further Resolved, that proper City officials are authorized to execute the lease amendments with the Developer, materially consistent with the LDR.
Drafter
DCD:David.Misky:dpm
12/17/24/A