City of Milwaukee - File #: 991980

• File #: 991980
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 4/11/2000
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 5/19/2000
• Title: Substitute resolution approving Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 24 (Riverworks).
• Sponsors: ALD. JOHNSON-ODOM
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
11/5/2013	2	COMMON COUNCIL	DRAFT SUBMITTED
10/15/2013	0	COMMON COUNCIL	HEARING NOTICES SENT
10/15/2013	1	COMMON COUNCIL	DRAFT SUBMITTED
5/31/2000	2	MAYOR	SIGNED
5/19/2000	2	COMMON COUNCIL	ADOPTED	Pass	17:0
5/16/2000	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
5/16/2000	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	AMENDED; Minutes note: Note: Add attached language "Further Resolve Clause". Delete Ald. D'Amato as sponsor and add Johnson-Odom.	Pass	5:0
5/5/2000	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/11/2000	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
991980
VERS:
SUBSTITUTE 2
REF:

XXBY:
ALD. Johnson-Odom
TITL:
Substitute resolution approving Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 24 (Riverworks).
ANLS:
- Analysis -

This substitute resolution authorizes a $275,000 loan using funds from TID No. 24 (Riverworks) to Compo Corporation for the purposes of renovating the exterior of its facility at 326 East Keefe Avenue.
BODY:
Whereas, The City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the Milwaukee Economic Development Corporation ("MEDC") entered into a Cooperation Agreement for Tax Incremental District No. 24 ("TID No. 24"), as of December 30, 1994, for the purposes of carrying out the Riverworks Industrial Center Project; and

Whereas, The Project Plan and Cooperation Agreement for TID No. 24 provided funds for loans to businesses located within the boundaries of TID No. 24; and

Whereas, The Compo Corporation, located at 326 East Keefe Avenue, is a general metal fabricating job shop, which originally moved to this location in 1995 and is now consolidating other operations at this site; and

Whereas, In connection with the consolidation of operations, Compo must repair and renovate the Keefe Avenue facility, including replacing boarded up windows, re-siding a portion of the facility, as well as repairing the concrete exterior and painting other portions of the exterior; and

Whereas, It is proposed that MEDC, utilizing funds provided through TID No. 24, lend $275,000 to Compo for the purposes of financing the building renovation; the loan terms are as set forth in Exhibit A to Amendment No. 1 to the Cooperation Agreement for TID No. 24, copies of which are attached to this Common Council File; and

Whereas, As a result of this project, plus the acquisition of new production equipment which will be financed through other sources, Compo, which currently employs 48, expects to add 8-12 employees over the n...