City of Milwaukee - File #: 170032

• File #: 170032
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 4/18/2017
• In control: COMMON COUNCIL
• Final action: 5/9/2017
• Title: Substitute resolution relating to termination of the development agreement and other agreements among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, Riverbend Place LLC and The Brewery Works, Inc. related to the Manpower redevelopment project, in the 6th Aldermanic District.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, REDEVELOPMENT AUTHORITY, REDEVELOPMENT DISTRICT

Date	Ver.	Action By	Action	Result	Tally
5/19/2017	1	MAYOR	SIGNED
5/9/2017	1	COMMON COUNCIL	ADOPTED	Pass	14:0
5/2/2017	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Alyssa Remington, Department of City Development Atty. Jeremy McKenzie, City Attorney's Office Gary Grunau, Grunau Company	Pass	5:0
4/27/2017	1	CITY CLERK	DRAFT SUBMITTED
4/26/2017	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/26/2017	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/26/2017	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/18/2017	0	COMMON COUNCIL	ASSIGNED TO

Number
170032
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution relating to termination of the development agreement and other agreements among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, Riverbend Place LLC and The Brewery Works, Inc. related to the Manpower redevelopment project, in the 6th Aldermanic District.
Analysis
This substitute resolution approves the termination of a Development Agreement, release of the Tax Increment Guaranty, satisfaction of Mortgage and execution of Estoppel Certificates related to the Manpower project.
Body
Whereas, Riverbend Place LLC and The Brewery Works, Inc. (collectively referred to as the “Developers”) are the Developers of the Manpower development located generally between West Vliet Street, West Cherry Street, North Dr. Martin Luther King Jr. Drive and the Milwaukee River, including the parking structure located immediately north of West Cherry Street (the “Development”); and

Whereas, The City of Milwaukee (“City”), the Redevelopment Authority of the City of Milwaukee (“RACM”) and the Developers are parties to a Development Agreement related to the Development; and

Whereas, The Development Agreement provides that a portion of the financing for the Development includes a loan in the total original principal amount of $3,000,000 from RACM to the Developers (the “RACM Loan”) funded through Tax Incremental District No. 41 (“TID No. 41”); and

Whereas, As part of the financing for the Development, the Developers provided a guaranty of the tax increment for TID No. 41; and

Whereas, Part of the security for the RACM Loan and the tax increment guaranty was a second mortgage on the office building portion of the Development (the “Mortgage”); and

Whereas, The City, RACM and the Developers are parties to a lease agreement for the parking garage portion of the Development and an air space lease for the skywalk that is part of the Development (collectively the ...