Number
000910
Version
SUBSTITUTE 1
Reference
000430
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution authorizing the proper City officials to enter into a Development Agreement with WISPARK Holdings LLC for the redevelopment of the Boston Store Building at 331 West Wisconsin Avenue.
Analysis
This substitute resolution authorizes the proper City officials to enter into a Development Agreement with WISPARK Holdings LLC for the redevelopment of the Boston Store Building located at 331 West Wisconsin Avenue. The City would contribute $5.0 million toward the $33 million renovation cost. The project consists of a remodeled department store, corporate offices for Carson Pirie Scott and 60 apartments.
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 June 16, 1998, adopted a Project Plan for the District ("TID Plan"); and
Whereas, The Common Council on November 8, 2000 adopted File No. 000430 which approved the Second Amendment to the Project Plan which delineated certain financial assistance to be provided for the redevelopment of the property located at 331 West Wisconsin Avenue; and
Whereas, The Common Council desires to enter into a Development Agreement with the Redevelopment Authority of the City of Milwaukee ("RACM") and WISPARK Holdings 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 WISPARK Holdings LLC for the redevelopment of 331 West Wisconsin Avenue in accord with the amended TID Plan and the Term Sheet for the City of Milwaukee - Boston Store Project, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the City Attorney's Office, in cooperation with the Commissioner of City Development, is directed...
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