Number
040397
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HINES
Title
Substitute resolution approving a Supplemental Development Agreement for the North Avenue Commerce Center Project - Phase I.
Analysis
This substitute resolution approves an Agreement, which extends the City's and RACM's environmental indemnification to the new owner of the North Avenue Commerce Center Project - Phase I at North 27th Street and West North Avenue because the Wisconsin Department of Natural Resources has not granted closure on the environmental contamination of the property. The Agreement also requires a payment in lieu of taxes if the new owner receives a tax exemption.
Body
Whereas, The City of Milwaukee (“City”), the Redevelopment Authority of the City of Milwaukee (“Redevelopment Authority”) and the North Avenue Commerce Center, LLC, have previously entered into a Development Agreement for the North Avenue Commerce Center Project - Phase I (“Project”) dated as of September 27, 1994, which Development Agreement was amended by the First Amendment dated as of August 1, 2002; and
Whereas, The Project addressed by the Development Agreement is located in Tax Incremental District No. 21 and in the North 26th Street-West North Avenue Redevelopment Project Area; and
Whereas, Article VII of the Development Agreement addresses certain environmental matters relative to the real property upon which the Phase I building is located; and
Whereas, North Avenue Commerce Center, LLC, has conveyed the Project to PIC Services, LLC, an entity affiliated with the Private Industry Council of Milwaukee; and
Whereas, Because the Wisconsin Department of Natural Resources has not yet determined that certain environmental contamination on the Project site has been fully remediated, the Redevelopment Authority and the City, through a Supplemental Development Agreement, a copy of which is attached to this Common Council File, proposes to extend its indemnification to PIC...
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