Number
241504
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving the conveyance of 300-18 West Juneau Avenue to Block 5 Holdings, LLC for development in the Park East Redevelopment Project Area.
Analysis
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (the “Authority) assisted in preparing the Park East land for commercial and residential development through the creation of Tax Incremental District No. 48 (Park East); and
Whereas, On July 2, 2015 by Resolution No. 10567, the Authority approved the creation of Tax Incremental District No. 84 (West McKinley and West Juneau) to assist with the downtown arena project and surrounding development; and
Whereas, Milwaukee Bucks, LLC offered to purchase the approximately 8,246 square foot parcel at 300-18 West Juneau Avenue (the “Property”) for development, as summarized in the attached Land Disposition Report (“LDR”); and
Whereas, On September 22, 2015, the Milwaukee Common Council approved the LDR and a Development Agreement that included a series of conditions regarding conveyance as part of File No. 150383; and
Whereas, On October 15, 2015, the Authority approved the LDR and an Option to Purchase as part of File No. 10584; and
Whereas, Head of the Herd LLC, an affiliate of Milwaukee Bucks, LLC, has created a joint venture with J. Jeffers & Co. (or Jeffers affiliate), called Block 5 Holdings, LLC, and is proposing a mixture of housing, retail, a recreation facility, and structured parking that utilizes the Property as part of Block 5 of the Arena Master Plan;
Whereas, Staff from the Department of City Development and the Authority has reviewed the proposed development and confirmed that, once Milwaukee County sells the remaining portion of Block 5 to the development team, conditions for conveyance of the Property established in the Development Agreement from 2015 have been met; and
Whereas, Completion of the proposed development will meet or exceed the...
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