City of Milwaukee - File #: 970600

• File #: 970600
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/11/1997
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 9/23/1997
• Title: Resolution authorizing the proper City officials to execute the First Amendment to the Development Agreement for the City Hall Square Project, Tax Incremental District No. 23. (Department of City Development)
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
10/2/1997	0	MAYOR	SIGNED
9/23/1997	0	COMMON COUNCIL	ADOPTED	Pass	17:0
9/16/1997	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
7/25/1997	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
7/22/1997	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
7/15/1997	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/11/1997	0	COMMON COUNCIL	REFERRED TO

NUMB:

970600

VERS:

ORIGINAL

REF:

931822

XXBY:

ALD. HENNINGSEN

TITL:

Resolution authorizing the proper City officials to execute the First Amendment to the Development Agreement for the City Hall Square Project, Tax Incremental District No. 23. (Department of City Development)

ANLS:

- Analysis -

This resolution authorizes the City of Milwaukee to enter into a First Amendment to the Development Agreement for the City Hall Square Project. Currently the Development Agreement allows for the developer's guaranteed payments to be offset by any tax incremental revenues received on the Component III Land. This Amendment allows for that offset to also include any tax incremental revenues received on Component II, if the anticipated Component II loan has not been disbursed.

BODY:

Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 23 ("TID No. 23") and pursuant to Common Council File No. 931485, adopted on March 8, 1994, has approved the Project Plan for the District (the "TID Plan"); and

Whereas, The City pursuant to Common Council File No. 931823, adopted November 4, 1996, has authorized the execution of a Cooperation Agreement for TID No. 23 (the "Cooperation Agreement"), pursuant to which the City would provide the Redevelopment Authority of the City of Milwaukee ("Authority") with funds to be used by the Authority to finance certain TID No. 23 project costs as set forth in the Cooperation Agreement; and

Whereas, The City pursuant to Common Council File No. 931822, adopted November 4, 1996, has authorized the execution of a Development Agreement for the City Hall Square Project; and

Whereas, The parties hereto desire to enter into the First Amendment to the Development Agreement by and between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, City Hall Square, L.L.C. and the Alexander Company, Inc.; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute the First Amendment to the Development Agreement, a copy of which is attached to this Common Council File.

ZDPT:

DFTR:

DCD/DMcC/J

07/10/97/A

CATT.DFTR:

DCD/DMcC/J

07/10/97/A

CATT