NUMB:
991235
VERS:
SUBSTITUTE 1
REF:
990360
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to enter into a Revised Development Agreement with the Redevelopment Authority of the City of Milwaukee and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue in Tax Incremental District No. 37 (Grand Avenue), in the 4th Aldermanic District.
ANLS:
- Analysis -
This substitute resolution approves a Revised Development Agreement with the Redevelopment Authority and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue. The significant revision in the Development Agreement is the substitution of a to be formed LLC with the American Society for Quality ("ASQ") as a part owner in the project. ASQ will own the 105,000 square foot South Office Unit and move their headquarters to that facility. ASQ will be entitled to the same second mortgage benefits that were originally targeted for the South Office Unit. In exchange, ASQ has agreed to enter into a Payment in Lieu of Taxes ("PILOT") Agreement with the City of Milwaukee for the life of TID No. 37.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 37 ("TID No. 37") and pursuant to Common Council File No. 971894, adopted on June 16, 1998, adopted a Project Plan for the District ("TID Plan"); and
Whereas, The Common Council of the City of Milwaukee ("Common Council") on June 22, 1999 adopted File No. 990115 which approved an amendment to the TID Plan which delineated certain financial assistance to be provided for the redevelopment of the property located at 101 West Wisconsin Avenue; and
Whereas, The Common Council on July 13, 1999 adopted File No. 990360 which approved the execution of a Development Agreement between the City, the Redevelopment Authority of the City of Milwaukee ("RACM"), and Ivory Tusk, LLC; and
Whereas, Revisions to the Development Agreement are necessary to accommodate the American Society for Quality ("ASQ") as the owner of the South Office Unit of 101 West Wisconsin Avenue and to address several nonsubstantive issues; 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 a Revised Development Agreement with RACM and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue which is consistent with the Amended and Restated Term Sheet for the City of Milwaukee-Ivory Tusk Project, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the proper City officials are authorized and directed to execute such additional documents necessary to implement this Revised Development Agreement including a Payment in Lieu of Taxes ("PILOT") Agreement with ASQ; and, be it
Further Resolved, That the City Attorney's Office, in cooperation with the Commissioner of City Development, is directed to draft a Revised Development Agreement which is consistent with the terms and conditions of said Amended and Restated Term Sheet and is mutually acceptable to the City Attorney, the Commissioner of City Development, RACM, and Ivory Tusk, LLC; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide such assistance as is necessary to carry out the intent and purpose of this resolution and the TID Plan.
ZDPT:
DFTR:
DCD:DJM:djm
11/16/99