NUMB:
970594
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 32 (Walnut Street/King Drive Commercial Area; Dreamland Project).
ANLS:
- Analysis -
This substitute resolution authorizes a loan utilizing funds from TID No. 32 to Dreamland Improvement Group LLC in the maximum amount of $110,000 according to the terms and conditions set forth in Amendment No. 1 to the Cooperation Agreement for TID No. 32. Dreamland proposes to redevelop a now vacant property at the northwest corner of North Dr. Martin Luther King Jr. Drive and West Vine Street into 9,000 square feet of commercial space and 8 apartment units.
BODY:
Whereas, On June 2, 1997, the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee ("Redevelopment Authority"), and the Milwaukee Economic Development Corporation entered into a Cooperation Agreement for Tax Incremental District No. 32 ("TID No. 32"), the purpose of which is to provide "gap" financing for projects in the District, generally in the vicinity of North Dr. Martin Luther King Jr. Drive and West Walnut Street; and
Whereas, Dreamland Improvement Group LLC has proposed to acquire and renovate the now vacant Redevelopment Authority-owned property at 1801 North Dr. Martin Luther King Jr. Drive into approximately 9,000 square feet of commercial and office space, plus 8 apartments to be located on the second and third floors; and
Whereas, It is proposed that the Redevelopment Authority, using funds pursuant to the Cooperation Agreement for TID No. 32, provide a second mortgage loan to the development in the maximum amount of $110,000 according to the terms and conditions set forth in Amendment No. 1 to the Cooperation Agreement, 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 Amendment No. 1 to the Cooperation Agreement for TID No. 32 is approved and the proper City officials are authorized and directed to enter into the Agreement; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the amount of the loan to the appropriate subaccount for the purpose of implementing this financing.
ZDPT:
DFTR:
DCD/JS/arj
07/17/97
CATT
DFTR:
DCD/JS/arj
07/17/97
CATT