NUMB:
991980
VERS:
SUBSTITUTE 2
REF:
XXBY:
ALD. Johnson-Odom
TITL:
Substitute resolution approving Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 24 (Riverworks).
ANLS:
- Analysis -
This substitute resolution authorizes a $275,000 loan using funds from TID No. 24 (Riverworks) to Compo Corporation for the purposes of renovating the exterior of its facility at 326 East Keefe Avenue.
BODY:
Whereas, The City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the Milwaukee Economic Development Corporation ("MEDC") entered into a Cooperation Agreement for Tax Incremental District No. 24 ("TID No. 24"), as of December 30, 1994, for the purposes of carrying out the Riverworks Industrial Center Project; and
Whereas, The Project Plan and Cooperation Agreement for TID No. 24 provided funds for loans to businesses located within the boundaries of TID No. 24; and
Whereas, The Compo Corporation, located at 326 East Keefe Avenue, is a general metal fabricating job shop, which originally moved to this location in 1995 and is now consolidating other operations at this site; and
Whereas, In connection with the consolidation of operations, Compo must repair and renovate the Keefe Avenue facility, including replacing boarded up windows, re-siding a portion of the facility, as well as repairing the concrete exterior and painting other portions of the exterior; and
Whereas, It is proposed that MEDC, utilizing funds provided through TID No. 24, lend $275,000 to Compo for the purposes of financing the building renovation; the loan terms are as set forth in Exhibit A to Amendment No. 1 to the Cooperation Agreement for TID No. 24, copies of which are attached to this Common Council File; and
Whereas, As a result of this project, plus the acquisition of new production equipment which will be financed through other sources, Compo, which currently employs 48, expects to add 8-12 employees over the next two years; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to enter into Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 24; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the amount of the loan, $275,000, from the TID parent account 0336-TD00000000 to the appropriate TID No. 24 project account 0336-1910-TD02480000 for the purposes of implementing this financing; and be it
Further Resolved, That notwithstanding the terms of the Cooperation Agreement for TID No. 24, as entered into by the City of Milwaukee, Redevelopment Authority, and the Milwaukee Economic Development Corp. as of December 30, 1994, the terms and conditions of the loan provided for herein are not subject to the approval of the City's Economic Development Committee.
ZDPT:
DFTR:
dcd:js
05/16/00