Number
011469
Version
SUBSTITUTE 1
Reference
011240
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing the proper City officials to enter into a Development and Cooperation Agreement for Tax Incremental District No. 49 (Cathedral Place).
Analysis
This substitute resolution authorizes entry into a Development and Cooperation Agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Cathedral Place LLC. The terms of this Agreement are set forth in the Term Sheet. The Term Sheet describes the activities of the City and RACM, which presently include the construction of an eight-story 940-stall public parking structure located in the 700 block of North Jackson Street. Under an agreement, RACM will issue bonds in the amount of approximately $23 million to fund the cost of the development of the parking structure and costs related to issuance of the bonds. The City will either provide a moral obligation pledge on the repayment of the bonds or enter into a quiet enjoyment lease of the parking structure. The agreement will authorize RACM to undertake the implementation of the Project Plan on the City's behalf so that the issuance of the bonds and the construction of the parking structure contribution will qualify as a project cost for tax increment purposes pursuant to Section 66.1105(2)(f)(1)(h), Wisconsin Statutes. In conjunction with the development of this public parking facility, the current plans call for Cathedral Place LLC to develop a 300,000 square foot mixed-use commercial building containing 24,000 square feet of ground floor retail space, 160,000 square feet of office space and 30 residential condominiums. The developer has commenced the planning and design work for the mixed-use building, and its financial commitment to this project will be at least $32 million.
Body
Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 49 (“TID No. 49”) on March 5, 2002, via ...
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