City of Milwaukee - File #: 150381

• File #: 150381
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 6/23/2015
• In control: COMMON COUNCIL
• Final action: 7/21/2015
• Title: Substitute resolution approving a Development Agreement with Rexnord Corporation and authorizing expenditures for a business relocation, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ, ALD. WADE

Date	Ver.	Action By	Action	Result	Tally
7/30/2015	1	MAYOR	SIGNED
7/21/2015	1	COMMON COUNCIL	ADOPTED	Pass	12:0
7/16/2015	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Dan Casanova, Department of City Development Patricia Whaley, Rexnord Corporation Michael Klein, Klein Development Ald. Wade added as cosponsor.	Pass	5:0
7/10/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/6/2015	1	CITY CLERK	DRAFT SUBMITTED
6/23/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150381
Version
SUBSTITUTE 1
Reference
140453
Sponsor
ALD. PEREZ AND WADE
Title
Substitute resolution approving a Development Agreement with Rexnord Corporation and authorizing expenditures for a business relocation, in the 12th Aldermanic District.
Analysis
This substitute resolution authorizes funding of a grant in the amount of $1,000,000 and a forgivable loan in the amount of $900,000 from the Tax Incremental District No. 75 (Reed Street Yards) Public/Private Venture Fund to assist Rexnord Corporation in relocating the headquarters of its subsidiary, Zurn Industries, LLC, to the City of Milwaukee and creating a minimum of 120 jobs.
Body
Whereas, On July 22, 2014, by adoption of Common Council File No. 140453, the City of Milwaukee (“City”) approved Amendment No. 2 to Tax Incremental District (“TID”) No. 75 (the “District”), which provided up to $5,000,000 to create a Public/Private Venture Fund (“PPVF”) to attract new businesses to the Reed Street Yards; and

Whereas, Rexnord Corporation (“Rexnord”) moved its headquarters to the City at the Global Water Center adjacent to the Reed Street Yards in 2014; and

Whereas, Rexnord’s subsidiary, Zurn Industries, LLC (“Zurn”), is a global leader in water products such as commercial and residential plumbing fixtures, drains, tubing, valves and other water control devices; and

Whereas, Rexnord wishes to relocate the Zurn headquarters from Pennsylvania to the Reed Street Yards in the City to be part of the growing water cluster in the City; and

Whereas, Rexnord plans to construct an approximately 52,000 square-foot building in the Reed Street Yards that will be the new headquarters for Zurn and will contain a minimum of 120 employees; and

Whereas, The City proposes to assist Rexnord with a grant of $1,000,000 for extraordinary site costs and a $900,000 forgivable loan to partially offset its relocation, hiring and other costs, conditioned on Rexnord relocating the Zurn headquarters in the City, and wi...