NUMB:
980110
VERS:
ORIGINAL
REF:
931829
XXBY:
THE CHAIR
TITL:
Resolution authorizing the proper City officials to enter into Development Agreement for the North Avenue Commerce Center Phase II Project in Tax Incremental District No. 21. (DCD)
ANLS:
- Analysis -
This resolution authorizes a Development Agreement with Irgens Development Partners, LLC to construct a 55,000 square foot, single-story, multi-tenant industrial building at approximately North 26th Street and West North Avenue. Total development cost is approximately $2.9 million. The City will provide $595,000 from the Development Opportunities Fund and a maximum of $350,000 in rent support payments from TID No. 21.
BODY:
Whereas, With the adoption of Common Council File No. 931296 on December 22, 1993, the Common Council of the City of Milwaukee approved the Project Plan for Tax Incremental District No. 21 ("TID No. 21"), located generally at North 27th Street and West North Avenue; and
Whereas, TID No. 21 was created to assist in the development of a series of light industrial facilities which, when leased to area employers, would create a center of job opportunities for residents in the immediate vicinity of the project and elsewhere in Milwaukee's central city; and
Whereas, On September 27, 1994, the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Boldt Development Corporation entered into a Development Agreement to construct the first building of 56,700 square feet within TID No. 21, known as the North Avenue Commerce Center; and
Whereas, The first facility is now fully leased to Goodwill Industries for its textile recycling business and an employment training program connected with the Wisconsin Works (W-2) initiative; and
Whereas, Irgens Development Partners, LLC ("Irgens") recently acquired Boldt Development Corporation and Boldt's rights and obligations pursuant to the Development Agreement for the North Avenue Commerce Center; and
Whereas, Irgens now proposes to construct a second facility at this location upon the terms and conditions set forth in the "Term Sheet for North Avenue Commerce Center - Phase II," a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City Attorney, in consultation with the Commissioner of the Department of City Development and the City Comptroller, is authorized to prepare a Development Agreement for the North Avenue Commerce Center Phase II Project consistent with the Term Sheet attached to this Common Council File, and the proper City officials are authorized and directed to enter into the Development Agreement on behalf of the City of Milwaukee; and, be it
Further Resolved, That the City Comptroller is authorized to transfer $945,000 from the following accounts for the purpose of providing funding for the construction of the Phase II North Avenue Commerce Center facility and further providing rent support as to be provided in the Development Agreement:
Development Opportunities Fund Account No. 31-636-0001 - $595,000
TID Parent Account No. 32-921-0001 - $350,000
ZDPT:
DFTR:
DCD/JS/arj
05/05/98/A