Number
201062
Version
SUBSTITUTE 1
Reference
141263, 170169
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the Amended and Restated Cooperation, Contribution and Redevelopment Agreement and other related development documents for the redevelopment of the property at 909 East Michigan Street, in the City of Milwaukee for the Couture Project.
Analysis
This substitute resolution approves the Amended and Restated Cooperation, Contribution and Redevelopment Agreement and other related development documents between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the developer for the redevelopment of the property at 909 East Michigan Street, in the City of Milwaukee for the Couture Project amending and replacing the development agreement that was executed for this project in 2017.
Body
Whereas, By passage of Common Council Resolution File No. 141263, on February 10, 2015, and File No. 170169 on May 31, 2017, the City of Milwaukee (“City”) created and amended Tax Incremental District No. 82, East Michigan (“TID 82”) and approved and amended the Project Plan for TID 82 and authorized the execution of various development documents related to the Couture Project at 909 East Michigan Street (the “Property”) including a Cooperation, Contribution and Redevelopment Agreement dated April 28, 2017 (the “Original Development Agreement”); and
Whereas, The Property is located within the boundaries of TID 82; and
Whereas, Due to delays in the developer securing funding for the overall Couture Project, the Original Development Agreement is now outdated and needs to be updated to incorporate a new project timeline and to incorporate the amendments made to the Project Plan in Common Council Resolution File No. 170169 and other changes as described in this resolution; and
Whereas, The Project Plan as amended provides for two grants to be made to the developer for: (1) a $17.5 million Public Infrastructure Project, as defined in th...
Click here for full text