City of Milwaukee - File #: 001088

• File #: 001088
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/8/2000
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 11/28/2000
• Title: Substitute resolution authorizing the proper City officials to enter into a Development Agreement with Boulder Venture, Inc. for the redevelopment of the former Capitol Court Shopping Center located in Tax Incremental District No. 42, City of Milwaukee.
• Sponsors: ALD. HERRON
• Indexes: AGREEMENTS, REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
12/7/2000	1	MAYOR	SIGNED
11/28/2000	1	COMMON COUNCIL	ADOPTED	Pass	17:0
11/21/2000	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Ald. Henningsen also moved to accept letter from minority contractors. Prevailed. (Exhibit III for developer to put for the best effort to move from 18% to 25% Disadvantage Business Enterprise.	Pass	5:0
11/16/2000	1	CITY CLERK	DRAFT SUBMITTED
11/14/2000	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/8/2000	0	COMMON COUNCIL	ASSIGNED TO

Number
001088
Version
SUBSTITUTE 1
Reference
000806
Sponsor
ALD. HERRON
Title
Substitute resolution authorizing the proper City officials to enter into a Development Agreement with Boulder Venture, Inc. for the redevelopment of the former Capitol Court Shopping Center located in Tax Incremental District No. 42, City of Milwaukee.
Analysis
This substitute resolution authorizes the proper City officials to enter into a Development Agreement with Boulder Venture, Inc. for the redevelopment of the former Capitol Court Shopping Center. The City will contribute up to $6.5 million ($4.5 million for Phase I) toward the $57 million renovation cost. The project's initial phase consists of the acquisition of the 55 acre site, demolition of the existing mall structure, remediation of known environmental conditions, clearing and compacting of the site, construction of the publicly accessible roads into and through the site, and the construction of an 148,759 square foot Wal-Mart department store and 70,000 square feet of multi-tenant space.
Body
Whereas, The City of Milwaukee ("City") created Tax Incremental District No. 42 ("TID No. 42") on November 28, 2000, via Common Council File No. 000806, and adopted a Project Plan for the District ("TID Plan"); and

Whereas, The Common Council desires to enter into a Development Agreement with the Redevelopment Authority of the City of Milwaukee ("RACM") and Boulder Venture, Inc. to implement the TID Plan; 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 Development Agreement with Boulder Venture, Inc. for the redevelopment of the former Capitol Court Shopping Center in accord with the TID Plan and the Term Sheet for the Capitol Court Redevelopment Project, a copy of which is attached to this Common Council File; and, be it

Further Resolved, That the City Attorney's Office, in cooperation with the Commi...