Number
050725
Version
SUBSTITUTE 2
Reference
050593
Sponsor
ALD. ZIELINSKI
Title
Substitute resolution approving the terms of a Development Agreement for Tax Incremental District No. 61 (Chase Commerce Center Project).
Analysis
This substitute resolution authorizes funding in the maximum amount of $500,000 for Tax Incremental District No. 61 and approves the terms of a Development Agreement for this project with Industrial Properties, LLC, the Developer of the Project. All funding will be advanced by the Developer and will be repaid, without interest, only from incremental revenue actually generated by the Project. The District will terminate when occupancy in the project reaches 80 percent, but no later than ten years from creation.
Body
Whereas, On September 27, 2005, the Common Council of the City of Milwaukee adopted File No. 050593, which created Tax Incremental District No. 61 (“TID No. 61”) for the purpose of redeveloping the industrial property at 3073 South Chase Avenue known as the Chase Commerce Center; and
Whereas, It is necessary to authorize funding for this Tax Incremental District and to approve the terms and conditions under which this funding will be provided to the Project as set forth in the Project Plan (“Plan”) for TID No. 61; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that:
a. A variance is authorized from the procedures of Common Council File No. 68-461-x, being the Guidelines for the Control of Capital Expenditures.
b. The City Comptroller is directed to establish the appropriate accounts within TID No. 61 Project Account No. 0336-1910-TDO6180000, to appropriate tax increment collections equal to the total required to repay the Developer’s funding of up to $500,000, in such amounts as set forth in the Plan and as shall be necessary to implement the Plan.
c. The City Comptroller, in conjunction with the Commissioner of the Department of City Development, is authorized and directed to per...
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