City of Milwaukee - File #: 980208

• File #: 980208
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/27/1998
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 6/16/1998
• Title: Substitute resolution authorizing the proper City officials to enter into a Development and Cooperation Agreement for the Courtyard by Marriott Hotel Project in Tax Incremental District No. 37 (Grand Avenue).
• Sponsors: ALD. HENNINGSEN
• Indexes: GRAND AVENUE MALL, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
6/25/1998	1	MAYOR	SIGNED
6/16/1998	1	COMMON COUNCIL	ADOPTED	Pass	17:0
6/15/1998	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Ald. Richards didnot arrive at 1:00 session. Prevailed. Speakers - Dan McCarthy, Burt Cohen Marriot, John Goldstein-Labor. Central City Workers Center for Sustainable Milwaukee. Christies Norstrom-Sustainable Milwaukee. Sam Gallow-Local Union. Reconvened: 11:04 A.M. Recessed to 11:05 A.M. Reconvene till 1:00 P.M. ; Reconvened at 1:23 P.M. Ald. Richards excused; all other members present.	Pass	4:0
6/9/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
6/1/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/27/1998	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
980208
VERS:
SUBSTITUTE 1
REF:
971894
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to enter into a Development and Cooperation Agreement for the Courtyard by Marriott Hotel Project in Tax Incremental District No. 37 (Grand Avenue).
ANLS:
- Analysis -

This substitute resolution will authorize the proper City officials to enter into a Development and Cooperation Agreement to facilitate the development of a 169-room Courtyard by Marriott Hotel, which will be located at approximately North 3rd Street and West Michigan Avenue, adjacent to the Grand Avenue Retail Center. This resolution authorizes the City to grant to the Redevelopment Authority of the City of Milwaukee $2.0 million, which the Redevelopment Authority will loan to the hotel developer. This second mortgage loan will be combined with private debt and equity to finance the $13.25 million project. Twenty-two percent of the development cost will be targeted for disadvantaged business enterprises. Approximately sixty full-time equivalent jobs will be created.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 37 pursuant to Common Council File No. 971894, adopted June 16, 1998, and has approved the Project Plan for the District ("TID Plan"); and

Whereas, Milwaukee Hotel Venture Limited Partnership has proposed the development of a six-story, 169-room Courtyard by Marriott Hotel on the 39,000 square foot site located on the north side of West Michigan Avenue adjoining the Grand Avenue Retail Center; and

Whereas, The TID Plan calls for the City to provide to the Redevelopment Authority of the City of Milwaukee ("RACM") a $2.0 million grant, which will use the proceeds to provide a second mortgage loan to Milwaukee Hotel Venture Limited Partnership; and

Whereas, Milwaukee Hotel Venture Limited Partnership will use the second mortgage proceeds along with $11.25 million of conventional debt and ...