City of Milwaukee - File #: 021195

• File #: 021195
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/26/2002
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 12/20/2002
• Title: Substitute resolution authorizing the proper City officials to enter into the Grand Avenue Mall Phase Two Development and Cooperation Agreement for Tax Incremental District No. 46 (New Arcade Project).
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, GRAND AVENUE MALL, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
12/23/2002	1	MAYOR	SIGNED
12/20/2002	1	COMMON COUNCIL	ADOPTED	Pass	15:1
12/17/2002	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
12/12/2002	1	CITY CLERK	DRAFT SUBMITTED
12/5/2002	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/5/2002	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/26/2002	0	COMMON COUNCIL	ASSIGNED TO

Number
021195
Version
SUBSTITUTE 1
Reference
021194
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing the proper City officials to enter into the Grand Avenue Mall Phase Two Development and Cooperation Agreement for Tax Incremental District No. 46 (New Arcade Project).
Analysis
This substitute resolution authorizes the entry into a Development and Cooperation Agreement by and between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and New Arcade LLC. The project involves the redevelopment of the Plankinton Arcade portion of the Shops of Grand Avenue. The City will contribute $5.0 million towards the $17.0 million 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 Tax Incremental District No. 46.
Body
Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 46 (“TID No. 46”) on September 5, 2001, via Common Council File No. 010322, and adopted a Project Plan for the District (“TID Plan”); and

Whereas, The City approved the first amendment to the TID Plan on December 20, 2002 via Common Council File No. 021194, which proposed to use additional TID No. 46 funds to assist in the redevelopment of the Plankinton Arcade portion of the Shops of Grand Avenue; and

Whereas, The Common Council desires to enter into a Development and Cooperation Agreement with the Redevelopment Authority of the City of Milwaukee (“RACM”) and New Arcade LLC (the “Developer”) to implement the amended TID Plan; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute the Grand Avenue Mall Phase Two Development and Cooperation Agreement with RACM and New Arcade LLC, a copy of which is attached to this Common Council File, for the redevelopment of the Plankinton Arcade ...