NUMB:
971015
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution authorizing the Commissioner of City Development to waive a participation fee for the Hallmark Three Industrial Park Project (Department of City Development).
ANLS:
_____________________________________________ -Analysis-
This resolution authorizes the Commissioner of City Development to waive a 5% participation fee in conjunction with the sale of a parcel of industrial land to Milwaukee Wire Products, a division of Charter Manufacturing Co., Inc.
_____________________________________________
BODY:
Whereas, The City of Milwaukee ("City") and Hallmark Three, a Wisconsin general partnership ("Developer") entered into a development agreement as of April 1, 1996 in conjunction with the development by Developer of an industrial park project located on approximately 37 acres of industrially zoned property located at 8500 North 91st Street; and
Whereas, Sec. 3.1(i) of said development agreement provides for the payment to the City of a 5% participation fee based upon the net sales revenue derived from the sale of parcels of land within the industrial park; and
Whereas, Developer has entered into an offer to purchase agreement with Milwaukee Wire Products, a division of Charter Manufacturing Co., Inc. dated as of June 20, 1997; and
Whereas, Developer and Milwaukee Wire Products, Inc. have requested a waiver of the 5% fee payable to the City in order to provide an additional inducement for the sale of this property for the purpose of industrial development; and
Whereas, The Common Council of the City of Milwaukee wishes to authorize the City's Commissioner of City Development to waive the 5% participation fee provided for in the development agreement with respect to this specific transaction; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City's Commissioner of City Development is hereby authorized and directed to waive the 5% participation fee required pursuant to sec. 3.1(i) of the development agreement dated as of April 1, 1996 by and between the City and Hallmark Three, a Wisconsin general partnership.
DFTR:
City Atty.
TOG:bss
10/10/97
BSWEEN:hallmark