NUMB:
980954
VERS:
SUBSTITUTE 1
REF:
971892
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution acknowledging a change in the terms and conditions of the City Hall Square III Development Agreement with the Redevelopment Authority of the City of Milwaukee.
ANLS:
- Analysis -
This substitute resolution acknowledges that the Redevelopment Authority's $2.1 million second mortgage loan will be subordinated to a first mortgage of no greater than $6.5 million, rather than the $5.25 million indicated in the original Development Agreement. This is due to the fact that the project has grown from approximately 51,000 square feet and a total development cost of $7.75 million to 67,400 square feet and a development cost of approximately $9.6 million.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 23 ("TID No. 23") and pursuant to Common Council File No. 931485, adopted March 8, 1994, has approved the Project Plan for TID No. 23; and
Whereas, The City has approved the Second Amendment to the Development Agreement for the City Hall Square Project, Tax Incremental District No. 23 via Common Council File No. 971892, adopted April 7, 1998; and
Whereas, Pursuant to the Term Sheet of the amended Development Agreement, the Redevelopment Authority of the City of Milwaukee's $2.1 million second mortgage loan was to be subordinated to a first mortgage of no more than $5.25 million; and
Whereas, The project size has grown from 51,000 square feet with a total development cost of $7.75 million to 67,400 square feet and a total development cost of $9.6 million; and
Whereas, This increase in building size and project cost necessitates a greater first mortgage loan than was originally contemplated; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it acknowledges that the Redevelopment Authority's $2.1 million second mortgage loan for the 789 North Water Street building project wi...
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