NUMB:
970599
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. WITKOWIAK
TITL:
Substitute resolution authorizing the execution of Amendment No. 2 to the Cooperation Agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Milwaukee Economic Development Corporation for The Tannery Project in Tax Incremental District No. 26.
ANLS:
- Analysis -
This substitute resolution authorizes a loan of $880,000 to assist in financing the renovation of the former Bottling House building at The Tannery complex in TID No. 26. The building, at 748 West Virginia Street will be converted into 70,000 square feet of office space for The Sunstone Financial Group, Inc. In addition, the developer, Atlas Development Corporation, will be constructing a 378 stall parking ramp at South 6th and West Bruce Streets for the purposes of providing parking to tenants in the Bottling House and other adjacent properties in The Tannery complex. Finally, the Amendment authorizes an additional net increase in funding for the Phase IV project (Timbers Building) at The Tannery. This will provide financing for additional tenant improvements and adjacent site work.
BODY:
Whereas, The City of Milwaukee ("City"), the Redevelopment Authority of the City of Milwaukee ("RACM"), and the Milwaukee Economic Development Corporation ("MEDC") entered into a Cooperation Agreement for The Tannery Project in Tax Incremental District No. 26 ("TID No. 26") as of February 27, 1996; and
Whereas, The Project Plan for TID No. 26 authorizes up to $5.4 million of loans to assist in financing the conversion of this former industrial complex into 350,000 square feet of offices and 101 loft apartments, a project estimated to cost $38.4 million; and
Whereas, The City, RACM, and MEDC also entered into Amendment No. 1 to the Cooperation Agreement as of October 1, 1996, which authorized funding for the Phase IV project (Timbers Building) at The Tannery complex; and
Whe...
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