City of Milwaukee - File #: 010542

• File #: 010542
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 8/2/2001
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 9/5/2001
• Title: Substitute resolution authorizing the proper City officials to enter into a Development Agreement for Tax Incremental District No. 46 (New Arcade Project).
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
9/14/2001	1	MAYOR	SIGNED
9/5/2001	1	COMMON COUNCIL	ADOPTED	Pass	14:0
9/4/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: John Siefert, Howard Biel, Jo wehr	Pass	5:0
8/28/2001	1	CITY CLERK	DRAFT SUBMITTED
8/23/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
8/2/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
010542
Version
SUBSTITUTE 1
Reference
010322
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing the proper City officials to enter into a Development Agreement for Tax Incremental District No. 46 (New Arcade Project).
Analysis
This substitute resolution authorizes entry into a Development Agreement by and between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and New Arcade LLC. The terms of the Development Agreement are set forth in a Term Sheet. The Term Sheet describes the Project, which includes renovations to the western segment, known as the “Grand Arcade,” of the Grand Avenue Mall. The Project includes renovations to interior common areas, the parking structure, building exteriors, the Food Court and tenant spaces, the relocation of tenants, installation of new signage and additional related and complimentary activities. The secondary purpose of the Project is to simplify the existing complex ownership structure of the Grand Avenue Mall by transferring title (and all maintenance, repair and other obligations of ownership) of the parking structures and various rights-of-way and concourses and common areas collectively referred to as the “Public Amenities” from the City to RACM and from RACM to the developer, New Arcade LLC, or to the owner of the retail components of the Grand Avenue Mall for the purchase price of approximately $2,035,000, as set forth in the Term Sheet. The City will contribute $750,000 toward the cost of the renovation work in the form of a Grant made to the Redevelopment Authority, which in turn will provide the money to the developer. The Grant will be funded through revenues derived from the creation of Tax Incremental District No. 46. The developer has commenced the planning and design work for the renovations to the Grand Arcade, and its financial commitment to this portion of the Project will be at least $5.5 million.
Body
Whereas, The City of Milwaukee (“City”...