City of Milwaukee - File #: 011471

• File #: 011471
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 2/12/2002
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 3/5/2002
• Title: Substitute resolution authorizing the proper City officials to enter into a Development Agreement for Tax Incremental District No. 47 (875 East Wisconsin).
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
3/14/2002	1	MAYOR	SIGNED
3/5/2002	1	COMMON COUNCIL	ADOPTED	Pass	14:0
3/1/2002	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
2/28/2002	1	CITY CLERK	DRAFT SUBMITTED
2/26/2002	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Hold until 3/1/02.	Pass	4:0
2/18/2002	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/12/2002	0	COMMON COUNCIL	ASSIGNED TO

Number
011471
Version
SUBSTITUTE 1
Reference
011302
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing the proper City officials to enter into a Development Agreement for Tax Incremental District No. 47 (875 East Wisconsin).
Analysis
This substitute resolution authorizes entry into a Development Agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Grand View Development Partners, LLC. The terms of the Development Agreement are set forth in a Term Sheet. The Term Sheet describes the City's and RACM's activities, which include the relocation of public infrastructure, streetscape and public plaza amenities and a technology infrastructure loan. The City will provide a $1.2 million grant to RACM. RACM in turn will provide the developer with an $800,000 public infrastructure grant. This grant will be used to reimburse the developer for a portion of the expenses associated with streetscape improvements on East Wisconsin Avenue and East Michigan Street, public plaza enhancements and public utilities relocation. RACM will use the balance of the grant funds to provide the owners of 875 East Wisconsin Avenue with a $380,000 second mortgage loan that will be used to finance certain technology infrastructure upgrades for the building. The grant and the subordinated loan will be funded through the creation of TID No. 47. In conjunction with these improvements, the current plans call for Grand View Development Partners to develop an eight-story office building containing 213,000 square feet of space and a four-level parking deck containing 580 parking spaces. The developer has commenced the planning and design work for the construction of the project, and its financial commitment to this project will be at least $47.5 million.
Body
Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 47 (“TID No. 47”) on March 5, 2002, via File No. 011302, and adopted a Project Plan for the...