NUMB:
980943
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution amending Guaranty Agreement with Business Improvement District No. 2 relative to Tax Incremental District No. 11 (Historic Third Ward). (DCD)
ANLS:
- Analysis -
BID No. 2 has previously entered into an Agreement with the City through which it guarantees that if revenues from TID No. 11 do not meet or exceed a certain schedule needed to retire project costs, the BID will fund those shortfalls through additional levies on property in BID No. 2. The original Guaranty Agreement anticipated the need to amend the terms of the BID guaranty once final project costs and debt service payments for TID No. 11 were known. This resolution approves an Amendment to the Guaranty Agreement which reflects actual project costs for this TID. To date, it has not been necessary for the BID to make any payments under the guarantee.
BODY:
Whereas, On March 6, 1989, the City of Milwaukee ("City") and the Board of Business Improvement District No. 2 ("BID No. 2") entered into an Agreement through which BID No. 2 guarantees that if revenues received by the City through Tax Incremental District No. 11 ("TID No. 11") do not meet or exceed a certain schedule needed to retire project costs, the BID will levy such shortfalls as a BID operating cost; and
Whereas, Based upon anticipated debt service payments for TID No. 11, the Agreement established a "guaranteed revenue stream" sufficient to recover total project costs for the District; and
Whereas, Final project costs and debt service payments for TID No. 11 are now known and, accordingly, the guaranteed revenue stream can be adjusted to reflect these actual costs; and
Whereas, The Amendment to the Guaranty Agreement for TID No. 11, a copy of which is attached to this Common Council File, revises the guaranteed revenue stream in accordance with actual project costs and debt service for TID No. 11; now, therefore, be it
Resolved, By the Commo...
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