City of Milwaukee - File #: 000737

• File #: 000737
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/6/2000
• In control: PUBLIC WORKS COMMITTEE
• Final action: 11/28/2000
• Title: Substitute resolution approving Renovation Lease and Cooperation Agreement by and among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the Board of the Captain Fredrick Pabst Theater.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, CAPITAL IMPROVEMENTS, LEASES, PUBLIC BUILDINGS, PUBLIC IMPROVEMENTS, REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
12/7/2000	1	MAYOR	SIGNED
11/28/2000	1	COMMON COUNCIL	ADOPTED	Pass	16:0
11/15/2000	1	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
11/10/2000	1	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
11/10/2000	1	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
10/26/2000	1	CITY CLERK	DRAFT SUBMITTED
10/18/2000	0	PUBLIC WORKS COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	5:0
10/12/2000	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
9/7/2000		PUBLIC WORKS COMMITTEE	REFERRED TO
9/6/2000	0	COMMON COUNCIL	ASSIGNED TO

Number
000737
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution approving Renovation Lease and Cooperation Agreement by and among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the Board of the Captain Fredrick Pabst Theater.
Analysis
This resolution authorizes City officers to execute a Renovation Lease and Cooperation Agreement with the Redevelopment Authority and the Board of the Captain Fredrick Pabst Theater. Under the terms of this agreement, the Redevelopment Authority will issue revenue bonds not to exceed $3,000,000 with the proceeds from those bonds being used to fund part of the renovation cost for the Pabst Theater. Those renovation costs include reconstruction of the second balcony, new elevators and a new glassed-in lobby extension on the east side of the Theater. The total renovation project cost is approximately $9.3 million, with approximately all but $2.2 million of that cost having already been raised through private donations and prior City capital commitments to the Theater. The Theater is a City-owned facility operated, pursuant to statute, by the Pabst Theater Board. The Theater Board is committed under the terms of the Cooperation Agreement to continue its efforts to raise the remaining $2.2 million; however, in order to contractually commit to the entire project, the Pabst Board needs interim financing in the amount not to exceed $3,000,000. Under the terms of the Lease and Cooperation Agreement, the debt service on the bonds sold by the Redevelopment Authority would be paid by the City through a lease agreement between the City and the Redevelopment Authority. The Pabst Board would then pledge all revenues from pledges which it raises to the City to pay for that debt service.
Body
Whereas, The Captain Fredrick Pabst Theater (the "Theater") is a municipal theater organized and operating under sec. 229.27, Stats., and sec. 16-12, Milwaukee City Char...