Number
121673
Version
ORIGINAL
Reference
111405
Sponsor
ALD. KOVAC, HAMILTON AND COGGS
Title
Resolution authorizing the First Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the East Library redevelopment project at 1910 East North Avenue, in the 3rd Aldermanic District.
Analysis
This resolution authorizes an amendment to an approved Purchase, Sale and Development Agreement for the City-owned East Library to allow alternate financing and other minor modifications.
Body
Whereas, By adoption of File No. 111405 on May 22, 2012, the Common Council of the City of Milwaukee authorized the East Library Purchase, Sale and Development Agreement (“Development Agreement”) with HSI Properties, LLC (“HSI”) for the sale and redevelopment of the City of Milwaukee (“City”) East Library at 1910 East North Avenue; and
Whereas, To finance the redevelopment, HSI proposed to use a loan guarantee program of the US Department of Housing and Urban Development (“HUD”) when it responded to the City’s East Library Request for Proposal and the terms and timing in the approved Development Agreement was customized for the HUD program as the initial funding mechanism; and
Whereas, HSI has notified the City that it intends to pursue conventional financing rather than a HUD guarantee and requested that the approved Development Agreement be amended to permit conventional financing as the primary financing option for the project; and
Whereas, HSI, Milwaukee Public Library (“MPL”) staff and the City Attorney also recommend other minor modifications to the Development Agreement to clarify the number of MPL parking spaces, modify the future number of allowed condominium units and extend the date to complete condominium documents; and
Whereas, All other terms and conditions of the original Development Agreement remain in full force and effect; and
Whereas, The First Amendment to the East Library Purchase, Sale and Develo...
Click here for full text