City of Milwaukee - File #: 140871

• File #: 140871
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/23/2014
• In control: COMMON COUNCIL
• Final action: 10/14/2014
• Title: Resolution authorizing an expenditure and approving a Grant Agreement with the Redevelopment Authority of the City of Milwaukee for Tax Incremental District No. 42 (Capitol Court/Midtown) for the Planet Fitness Project, in the 2nd Aldermanic District.
• Sponsors: ALD. DAVIS
• Indexes: AGREEMENTS, REDEVELOPMENT AUTHORITY, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
10/23/2014	0	MAYOR	SIGNED
10/14/2014	0	COMMON COUNCIL	ADOPTED	Pass	14:0
10/7/2014	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Deshea Agee, Development of City Development Atty. Thomas Gartner, City Attorney's Office Atty. Bruce Block, Reinhard Boerner Van Deuren S.C.	Pass	5:0
9/30/2014	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/30/2014	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/23/2014	0	COMMON COUNCIL	ASSIGNED TO

Number
140871
Version
ORIGINAL
Reference
000806, 010319, 120347, 130071
Sponsor
ALD. DAVIS
Title
Resolution authorizing an expenditure and approving a Grant Agreement with the Redevelopment Authority of the City of Milwaukee for Tax Incremental District No. 42 (Capitol Court/Midtown) for the Planet Fitness Project, in the 2nd Aldermanic District.
Analysis
This resolution authorizes the funding of a grant in the amount of $200,000 from TID No. 42 for interior renovation work in connection with a fitness facility proposed at 5730 West Capitol Drive, Unit 22. The space is currently vacant and the total renovation cost is estimated at $521,102.
Body
Whereas, The City of Milwaukee (“City”) and the Redevelopment Authority of the City of Milwaukee (“RACM”) have created Tax Incremental District No. 42 (“District”) with the adoption of their respective File Nos. 000806, 010319, 120347, 130071 and 10409 and 10427; and

Whereas, The District consists of approximately 2,457,081 square feet (56.4 acres) generally bounded by West Capitol Drive, North 60th Street, West Fond du Lac Avenue and North 55th Street; and

Whereas, The District is a redevelopment of the former Capitol Court Mall into the current Midtown Center; and

Whereas, Funding provided by Amendment No. 2 to the Project Plan for the District totals $3,300,000 to assist with the costs associated with stimulating occupancy in the District, specifically assisting with the costs to re-tenant vacant in-line commercial space, tenant improvements for expansion into the District and redevelopment of the vacant Lowe’s site; and

Whereas, Economic development funds for grants or loans were approved in the form of a Tenant Improvement Master Fund and Economic Development Master Fund for these purposes; and

Whereas, One of the projects proposed in the District and recommended for assistance is the renovation of a vacant 25,000 square-foot space, Unit 22, at 5730 West Capitol Drive into a Planet Fitness exercise fa...