City of Milwaukee - File #: 990360

• File #: 990360
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 6/2/1999
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 7/13/1999
• Title: Substitute resolution authorizing the proper City officials to enter into a Development Agreement with the Redevelopment Authority of the City of Milwaukee and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue in Tax Incremental District No. 37 (Grand Avenue) in the 4th Aldermanic District.
• Sponsors: ALD. HENNINGSEN
• Indexes: AGREEMENTS, GRAND AVENUE MALL, REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
7/22/1999	1	MAYOR	SIGNED
7/13/1999	1	COMMON COUNCIL	ADOPTED	Pass	17:0
7/7/1999	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
6/28/1999	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/28/1999	1	CITY CLERK	DRAFT SUBMITTED
6/2/1999	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
990360
VERS:
SUBSTITUTE 1
REF:

XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to enter into a Development Agreement with the Redevelopment Authority of the City of Milwaukee and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue in Tax Incremental District No. 37 (Grand Avenue) in the 4th Aldermanic District.
ANLS:
- Analysis -

This substitute resolution approves a Development Agreement with the Redevelopment Authority and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue. This substitute resolution also provides for a $3 million facade grant and a $6.4 million second mortgage loan for the project.
BODY:
Whereas, The City of Milwaukee ("City") has created Tax Incremental District No. 37 ("TID No. 37") and pursuant to Common Council File No. 971894, adopted on June 16, 1998, adopted a Project Plan for the District ("TID Plan"); and

Whereas, The Common Council of the City of Milwaukee ("Common Council") on June 22, 1999 adopted File No. 990115 which approved an amendment to the Project Plan which delineated certain financial assistance to be provided for the redevelopment of property located at 101 West Wisconsin Avenue; and

Whereas, The Redevelopment Authority of the City of Milwaukee ("RACM") has approved the execution of a Development Agreement with the City and Ivory Tusk, LLC; and

Whereas, The Common Council desires to enter into a Development Agreement with RACM and Ivory Tusk, LLC to implement the amended TID Plan; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute a Development Agreement with RACM and Ivory Tusk, LLC for the redevelopment of 101 West Wisconsin Avenue in accord with the amended TID Plan which is consistent with the Term Sheet for the City of Milwaukee-Ivory Tusk Project, a copy of which is attached to this Common Council File; ...