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File #: 140490    Version:
Type: Resolution Status: Passed
File created: 6/24/2014 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 7/22/2014
Effective date:    
Title: Substitute resolution authorizing acceptance and expenditure of a Wisconsin Economic Development Corporation Grant for redevelopment of the Posner Building, in the 4th Aldermanic District.
Sponsors: ALD. BAUMAN
Attachments: 1. Grant Analysis Form, 2. Grant Budget Form, 3. Hearing Notice List
Number
140490
Version
SUBSTITUTE 1
Reference
140200
Sponsor
ALD. BAUMAN
Title
Substitute resolution authorizing acceptance and expenditure of a Wisconsin Economic Development Corporation Grant for redevelopment of the Posner Building, in the 4th Aldermanic District.
Analysis
This substitute resolution authorizes the Department of City Development to accept and expend a Community Development Investment Grant from the Wisconsin Economic Development Corporation in the amount of $23,482,847 with an In-Kind Local Non-City Share (HKS Holdings) of $20,482,847, an In-Kind Share (TID No. 80) of $2,500,000 and a Grantor Share of $500,000. The purpose of the grant project is to assist in the redevelopment of the Posner Building in downtown Milwaukee.
Body
Whereas, The City of Milwaukee (“City”) is eligible for grant funds from the Wisconsin Economic Development Corporation (“WEDC”) to assist in the redevelopment of the Posner Building in downtown Milwaukee; and

Whereas, The operation of this Community Development Investment Grant from May 28, 2014 to August 1, 2015 will cost $23,482,847 of which, $20,482,847 (87 percent) will be provided by an In-Kind Local Non-City Share (HKS Holdings), $2,500,000 (11 percent) will be provided by an In-Kind Share (TID No. 80 as approved by the Common Council on June 3, 2014 as File No. 140200) and $500,000 (2 percent) will be provided by the Grantor; and

Whereas, The City recognizes that the redevelopment of the Posner Building is critical to the future of downtown Milwaukee and West Wisconsin Avenue; and

Whereas, The benefits to the City from this grant project appear to exceed the City’s obligations to be incurred under this project; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that acceptance of the Community Development Investment Grant is authorized and the Department of City Development shall accept this grant without further approval unless the terms of the grant change as indicated...

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