Number
020950
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing Amendment No. 4 to the Cooperation Agreement for Tax Incremental District No. 32 (Walnut Street/King Drive Commercial Area; 1846-48 North Dr. Martin Luther King Jr. Drive Project).
Analysis
This substitute resolution authorizes the use of funding from TID No. 32 to provide a third mortgage loan to purchase vacant land to construct a multi-tenant commercial building at 1846-48 North Dr. Martin Luther King Jr. Drive.
Body
Whereas, On June 2, 1997, the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee ("Redevelopment Authority") and the Milwaukee Economic Development Corporation ("MEDC") entered into a Cooperation Agreement for Tax Incremental District No. 32 ("TID No. 32"), the purpose of which is to provide "gap" financing for projects in the District; and
Whereas, Tristar Development, LLC has proposed to purchase vacant land at 1846-48 North Dr. Martin Luther King Jr. Drive that is within TID No. 32 to construct a multi-tenant commercial building containing approximately 12,676 square feet; and
Whereas, It is proposed that the Redevelopment Authority, using funds pursuant to the Cooperation Agreement for TID No. 32, provide a shared second mortgage loan to the development in the maximum amount of $300,000 according to the terms and conditions set forth in Amendment No. 4 to the Cooperation Agreement, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that Amendment No. 4 to the Cooperation Agreement for TID No. 32 is approved and that the proper City officials are authorized and directed to enter into said Agreement; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the amount of the loan to the appropriate subaccount for the purpose of implementing this financing.
Drafter
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