City of Milwaukee - File #: 151852

• File #: 151852
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 4/15/2016
• In control: PUBLIC WORKS COMMITTEE
• Final action: 5/24/2016
• Title: Substitute resolution relating to a development agreement, a $5.3 million loan and the surplus declaration and sale of a portion of a City-owned parking lot located at 1643 South 9th Street to Gorman & Company, Inc. for a development project that includes a new Milwaukee Public Library branch to be located at 906-910 West Mitchell Street, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ
• Indexes: LIBRARIES, REDEVELOPMENT, URBAN

Date	Ver.	Action By	Action	Result	Tally
5/25/2016	1	MAYOR	SIGNED
5/24/2016	1	COMMON COUNCIL	ADOPTED	Pass	15:0
5/23/2016	1	CITY PLAN COMMISSION	RECOMMENDED FOR ADOPTION AND ASSIGNED	Pass	5:0
5/11/2016	1	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Ald. Perez Deputy City Attorney Mary Schanning Director Paula Kiely - Library Sam McGovern-Rowen - Library	Pass	5:0
4/15/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
151852
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. PEREZ
Title
Substitute resolution relating to a development agreement, a $5.3 million loan and the surplus declaration and sale of a portion of a City-owned parking lot located at 1643 South 9th Street to Gorman & Company, Inc. for a development project that includes a new Milwaukee Public Library branch to be located at 906-910 West Mitchell Street, in the 12th Aldermanic District.
Analysis
This substitute resolution authorizes the execution of a development agreement and other development-related documents among the City, the Milwaukee Public Library and Gorman & Company, Inc. for a development project that includes a new Milwaukee Public Library branch at 906-910 West Mitchell Street; it approves a Land Disposition Report and declares the easternmost portion of the City-owned parking lot at 1643 South 9th Street to be surplus to municipal needs and authorizes its conveyance to Gorman & Company, Inc. or one of its affiliates involved in the development project; and it authorizes the execution of loan documents for the City to provide $5.3 million to as a leveraged loan in the New Markets Tax Credit financing for the development project.
Body
Whereas, The City of Milwaukee (“City”) owns a surface parking lot located at 1643 South 9th Street, the easternmost portion of which, as described in the Land Disposition Report (“Parking Lot Parcel”), is adjacent to 906-910 West Mitchell Street (the “Development Property”); and

Whereas, The City desires to convey the Parking Lot Parcel to Gorman & Company, Inc. or one of its affiliates involved in the development project (collectively the “Developer”) to provide parking for the Development Property as described in a Term Sheet; and

Whereas, The Developer will acquire the Development Property and perform renovations on the Development Property to include historic renovations, construction of apartment units on the upper floors and construction of the w...