Number
131498
Version
SUBSTITUTE 2
Reference
061021, 101297
Sponsor
ALD. KOVAC
Title
Substitute resolution approving a Term Sheet providing for disbursement of a portion of the City Investment to fund Public Infrastructure costs for the North End Phase III Project and authorizing expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
This substitute resolution authorizes the disbursement of up to $2,000,000 in TID No. 48 funds and authorizes the necessary expenditures for TID No. 48 to provide for Public Infrastructure to serve the North End Phase III Project.
Body
Whereas, Common Council File No. 061021, adopted on December 12, 2006, authorized the execution of a Development Agreement (North End Project) dated as of the 1st day of November, 2007 (the “Development Agreement”) by and among USL Land LLC (“USL”), the City of Milwaukee (“City”) and the Redevelopment Authority of the City of Milwaukee (“RACM”); and
Whereas, The Development Agreement provided that a maximum of $7,658,851 in Tax Incremental District No. 48 (“TID No. 48”) funds would be disbursed for TID No. 48 funded improvements consisting of Public Infrastructure and made certain of such disbursements subject to future authorization by Resolution of the Common Council of the City of Milwaukee (“Common Council”); and
Whereas, USL and its affiliate North End Phase III LLC are ready to proceed with the construction of Phase III of the North End Project as summarized in a Term Sheet, a copy of which is attached to this Common Council File; and
Whereas, Common Council File No. 101297 adopted on July 20, 2011 approved Amendment No. 2 to the Project Plan for TID No. 48 and further approved a Term Sheet, which authorized the RACM Phase II Loan Agreement (North End Phase II Project) (the “Phase II Loan Agreement”) and provided that the Development Agreement, as amended by the Phase II Term Sheet approved by Common Council File No. 1012...
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