Number
180792
Version
ORIGINAL
Reference
091666, 110082
Sponsor
ALD. HAMILTON AND RAINEY
Title
Resolution regarding Century City Redevelopment Corporation and end of new market tax credit 7-year compliance period and authorizing related real property conveyances and other end-of-compliance period actions, in the 1st and 7th Aldermanic Districts.
Analysis
This resolution authorizes various actions associated with the end of the new market tax credit 7-year compliance period regarding Century City Redevelopment Corporation, Century City parcels and the Villard Square Library condominium unit.
Body
Whereas, Century City Redevelopment Corporation (“CCRC”), a redevelopment corporation under Wisconsin Statutes Sections 66.1301 through 66.1329 and Chapter 180, was created to assist in the implementation of the Century City and Villard Library redevelopment projects involving new market tax credit (“NMTC”) financing; and
Whereas, CCRC owns the property within the Century City Project consisting of 3180 West Townsend Street (leased to T-Mobile USA Tower LLC) and 3533 North 27th Street (leased to Talgo, Inc.), with CCRC having acquired those parcels from the Redevelopment Authority of the City of Milwaukee (“RACM”), and CCRC also owns condominium unit 100 in the Villard Square Condominium at 5186 North 35th Street (leased to the City of Milwaukee (“City”) for the benefit of the Milwaukee Public Library (“MPL”) for operation of the Villard Library); and
Whereas, The NMTC financing transaction involved RACM, CCRC, the U.S. Bancorp Community Development Corporation, the Century City Investment Fund, LLC (“CCIF”), the Milwaukee Economic Development Corporation (“MEDC”), and MEDC Capital Fund VI, LLC (“CFVI”), as per the Transaction History and Unwinding Process and the Entity Reconciliation Sheet, copies of which are attached to this Common Council File, and also MPL and the City; and the NMTC financing transaction allowed for over $18,000,000 to be invested in th...
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