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File #: 171021    Version: 0
Type: Resolution Status: Passed
File created: 10/17/2017 In control: COMMON COUNCIL
On agenda: Final action: 11/7/2017
Effective date:    
Title: Resolution authorizing Amendment No. 1 to the Cooperation, Loan and Development Agreement among the City of Milwaukee, Redevelopment Authority of the City of Milwaukee, The Bon-Ton Department Stores, Inc., Wispark, LLC and NWC 331 Commercial, LLC.
Sponsors: ALD. BAUMAN
Indexes: AGREEMENTS, REDEVELOPMENT AUTHORITY
Attachments: 1. Amendment 1 to Cooperation, Loan and Development Agreement as of 10-4-17.pdf, 2. DCD PowerPoint Presentation, 3. Hearing Notice List, 4. Executed Agreement
Number
171021
Version
ORIGINAL
Reference
161313
Sponsor
ALD. BAUMAN
Title
Resolution authorizing Amendment No. 1 to the Cooperation, Loan and Development Agreement among the City of Milwaukee, Redevelopment Authority of the City of Milwaukee, The Bon-Ton Department Stores, Inc., Wispark, LLC and NWC 331 Commercial, LLC.
Analysis
Amendment No. 4 to Tax Incremental District No. 37 was approved on February 7, 2017, which provided a $1,900,000 forgivable loan to Bon-Ton Stores, Inc. for maintaining its corporate headquarters and department store in downtown Milwaukee and a Cooperation, Loan and Development Agreement was entered into. This resolution directs the City of Milwaukee to amend the Cooperation, Loan and Development Agreement to update descriptions and sizes of lease areas and update certain deadlines.
Body
Whereas, Pursuant to Common Council File No. 161313, the City of Milwaukee (“City”), the Redevelopment Authority of the City of Milwaukee (“Authority”), The Bon-Ton Department Stores, Inc., Wispark, LLC and NWC 331 Commercial, LLC (successor to Bostco, LLC) entered into a Cooperation, Loan and Development Agreement (the “Agreement”) to provide a $1,900,000 forgivable loan to Bon-Ton Stores, Inc. for maintaining its corporate headquarters and department store in downtown Milwaukee; and

Whereas, The City, the Authority, The Bon-Ton Department Stores, Inc., Wispark, LLC and NWC 331 Commercial, LLC wish to amend the Agreement to update descriptions and sizes of lease areas and update certain deadlines (“Amendment No. 1”); and

Whereas, On October 19, 2017, the Authority authorized Amendment No. 1 by resolution and submitted Amendment No. 1, a copy of which is attached to this Common Council File, to the Common Council for its approval; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute Amendment No. 1 and any additional documents and instruments and to perform suc...

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