Number
060911
Version
SUBSTITUTE 1
Reference
051132, 051144
Sponsor
ALD. BAUMAN AND D’AMATO
Title
Substitute resolution approving a Project Plan and creating a Tax Incremental District for The Brewery Project, authorizing Contingent Borrowing and expenditures, and approving the terms of a Development Agreement to implement the Project Plan, in the 4th Aldermanic District.
Analysis
The Project consists of the redevelopment of the former Pabst Brewery complex located in a 6 1/2 block area at the junction of Interstate 43 and the Park East Freeway corridor. The complex contains twenty-five buildings with a total floor area of 1,400,000 square feet. The Project will ultimately contain a mix of residential, office, educational and supporting retail space. City funding will be provided for selected demolition and abatement/remediation of certain buildings, the reconstruction of adjacent segments of City streets, the rededication of streets previously vacated and the installation of public and private utilities necessary to serve the Project - all as more particularly set forth in the Tax Incremental District Project Plan for the Project. The projected development on the site is currently estimated at 573,000 square feet of office space, 182,000 square feet of retail space, 477 housing units and 3600 parking spaces, all currently anticipated to be developed and occupied by entities other than the Developer, Brewery Project, LLC, the sole member of which is Joseph Zilber.
Total estimated Project Costs for the TID are $29 million. Funds are expected to be disbursed over a four to six-year period as new investment is realized or committed in the District in an amount sufficient to generate incremental tax revenue required to amortize the City’s funding. Incremental value in the District is expected to grow to approximately $200 million, and the District is expected to be fully amortized in 23 years.
Included in the proposed agreement with the Developer is a City...
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