Number
091516
Version
SUBSTITUTE 1
Reference
050190, 090325, 090454
Sponsor
ALD. WADE
Title
Substitute resolution approving a letter of intent and lease between Talgo, Inc. and the Redevelopment Authority of the City of Milwaukee for part of 3533 North 27th Street and part of 3424 North 27th Street, in the 7th Aldermanic District.
Analysis
This substitute resolution approves a letter of intent and lease between Talgo, Inc. and RACM for part of the Century City parcel.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee ("RACM") acquired from Milwaukee Industrial Trade Center, LLC ("MITC") on December 15, 2009, roughly 84 acres of land, called Century City, due to the parcels' inclusion in a RACM Redevelopment Plan project area known as Century City (the RACM Century City Plan was approved by Common Council File No. 050190); and
Whereas, RACM's acquisition from MITC was authorized by Common Council File No. 090454, which resolution directed RACM, following acquisition of the parcels, to demolish improvements, as needed, to conduct environmental remediation, and to redevelop the site for industrial use to expand job opportunities in the 30th Street Industrial Corridor; and
Whereas, Among the parcels that RACM acquired from MITC are 3533 North 27th Street and 3424 North 27th Street; and
Whereas, The Common Council, by File No. 090325, also approved creation of TID No. 74 and the TID Project Plan, therefore, and in furtherance thereof, the City of Milwaukee and RACM entered into a Cooperation Agreement; and
Whereas, Talgo, Inc. ("Talgo"), an entity that assembles and produces high-speed trainsets, in a search for a suitable site for trainset assembly, selected the Century City site, as the location, and after discussions with RACM, Talgo and RACM entered into a March 2, 2010 Letter of Intent ("LOI") calling for RACM remediation, RACM build-out, and RACM and Talgo to enter into a lease for a part of the 3533 North 27th Street parcel and a part of the 3424 North 27th Street parcel (the "Covered Area"); and
Whereas, RACM, by resolution, approved the LOI and the Lease Report, a copy of which is attached to this Common Council File, and authorized, contingent on Common Council approval, RACM's entry into a lease in furtherance of the LOI and, as contemplated thereby, RACM taking appropriate actions under and in furtherance of the lease; and
Whereas, The Talgo operations will provide jobs and economic growth and stimulus and will improve the area, thereby furthering the RACM Plan and blight removal and elimination efforts; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Lease Report and LOI are approved and that RACM, in consultation and cooperation with the City Attorney's Office, is authorized to prepare, negotiate, and enter into a lease with Talgo, as contemplated and required by the LOI, which lease shall follow the basic parameters of the LOI, which the Common Council recognizes calls for an option to purchase, and to take all actions contemplated and required under the LOI and lease, including remediation and improvement.
Drafter
DCD:DM:dm
03/16/10