City of Milwaukee - File #: 140455

• File #: 140455
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 6/24/2014
• In control: COMMON COUNCIL
• Final action: 7/22/2014
• Title: Substitute resolution authorizing the Second Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the East Library redevelopment project at 1910 East North Avenue, in the 3rd Aldermanic District.
• Sponsors: ALD. KOVAC, ALD. COGGS
• Indexes: LIBRARIES

Date	Ver.	Action By	Action	Result	Tally
7/31/2014	1	MAYOR	SIGNED
7/22/2014	1	COMMON COUNCIL	ADOPTED	Pass	14:0
7/9/2014	0	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Ald. Kovac Paula Kiely - Milwaukee Public Library Taj Schoening - Milwaukee Public Library Mary Schanning - City Attorney's Office	Pass	4:0
7/2/2014	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
7/2/2014	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
6/24/2014	0	COMMON COUNCIL	ASSIGNED TO	Fail

Number
140455
Version
SUBSTITUTE 1
Reference
111405, 121673
Sponsor
ALD. KOVAC AND COGGS
Title
Substitute resolution authorizing the Second Amendment to the East Library Purchase, Sale and Development Agreement with HSI East Library Residential, LLC for the East Library redevelopment project at 1910 East North Avenue, in the 3rd Aldermanic District.
Analysis
This substitute resolution authorizes an amendment to the Purchase, Sale and Development Agreement and First Amendment for the City-owned East Library to extend the performance and conveyance deadline for the developer to convey the library condominium to the City and to modify other related developer obligations.
Body
Whereas, The Common Council authorized agreements with HSI East Library Residential, LLC (“HSI”) for the sale and redevelopment of the City’s East Library at 1910 East North Avenue by adoption of File No. 111405, which authorized the East Library Purchase, Sale and Development Agreement, and of File No. 121673, which authorized the First Amendment to said Agreement (collectively “Development Agreement”); and

Whereas, On May 23, 2013, the City of Milwaukee (“City”) conveyed the East Library to HSI (“First Closing”) and, after relocation of the East Library to its temporary location, HSI commenced construction on The Standard at the East Library, a mixed-use building that will include a new East Library as a condominium unit; and

Whereas, The Development Agreement specified that within nine months of the First Closing, or February 23, 2014, HSI would substantially complete construction of library shell and would convey the condominium unit to the City (“Second Closing”); and

Whereas, HSI notified the Milwaukee Public Library (“MPL”) that construction was delayed in part due to extreme winter weather conditions and requested an extension of its performance deadline and of the date for the Second Closing; and

Whereas, Because timely completion of the library shell was essential to al...