City of Milwaukee - File #: 971893

• File #: 971893
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 3/20/1998
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 4/7/1998
• Title: Substitute resolution authorizing the proper City officials to enter into a Development Agreement for the City Hall Square Office Building Project.
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
4/13/1998	1	MAYOR	SIGNED
4/7/1998	1	COMMON COUNCIL	ADOPTED	Pass	14:0
4/6/1998	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
3/31/1998	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: This file will be heard on April 6, 1998, at 2:00 P.M.	Pass	4:0
3/25/1998	1	CITY CLERK	DRAFT SUBMITTED
3/20/1998	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
971893
VERS:
SUBSTITUTE 1
REF:
931823
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to enter into a Development Agreement for the City Hall Square Office Building Project.
ANLS:
- Analysis -

This substitute resolution authorizes the proper City officials to enter into a Development Agreement with an affiliate of the Hammes Company for the development of a 51,000 square foot office building which will be located on the southwest corner of North Water Street and East Wells Street. The Development Agreement will provide for a $2.1 million second mortgage loan from the City which will be repaid over a period of 25 years. Other terms and conditions of the Development Agreement are outlined in the Term Sheet. In return, the affiliate of the Hammes Company will construct a 51,000 square foot office building which will be completed by December, 1999. This project is within the project area for Tax Incremental District No. 23, City of Milwaukee (City Hall Square). Incremental property taxes paid over the next 18 years will be used to further reduce the City's cost associated with the second mortgage loan.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 23 ("TID No. 23") and pursuant to Common Council File No. 931485, adopted March 8, 1994, has approved the Project Plan for the District ("TID Plan"); and

Whereas, The City via Common Council File No. 931823, adopted November 4, 1996, has authorized the execution of a Cooperation Agreement for TID No. 23, pursuant to which the City would provide the Redevelopment Authority of the City of Milwaukee ("Authority") with funds to be used by the Authority to finance certain TID No. 23 costs set forth in the Cooperation Agreement; and

Whereas, The City via Common Council File No. 931822, adopted November 4, 1996, authorized execution of the Development Agreement with The Alexander Company, Inc., for the City Hall ...