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File #: 201365    Version:
Type: Resolution Status: Passed
File created: 2/9/2021 In control: COMMON COUNCIL
On agenda: Final action: 3/2/2021
Effective date:    
Title: Substitute resolution relating to the Amended and Restated Cooperation, Contribution, and Redevelopment Agreement as well as personal guaranties for the redevelopment of the property at 909 East Michigan Street for the Couture Project.
Sponsors: THE CHAIR
Indexes: AGREEMENTS, LAKEFRONT DEVELOPMENT
Attachments: 1. CIty Attorney E-mail March 16, 2. E-mail from President Johnson -- March 16, 3. CIty Attorney Letter -- March 16, 4. CIty Attorney Letter to President Johnson -- March 12, 5. City Attorney Letter -- March 9, 6. E-Mail from Mayor Barrett -- March 2, 7. Personal Guaranty, 8. Couture Agreement, 9. Hearing Notice List, 10. Motion by Ald Bauman, 11. Couture Agreement - as amended by ZND 2-23-2021, 12. Escrow Agreement-Couture, 13. File #201365, 14. File #201573, 15. Uniformity and Anti-Displacement Fund, 16. Municipality Article-Roles and authority of governing body members, 17. May 4th email, 18. Email - Courture, 19. Letter re Common Council File No 210232. Proposed Repeal of MCO 304-21, 20. Mayor's Veto Letter
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
3/11/20211 MAYOR RETURNED NOT SIGNED   Action details Meeting details Not available
3/2/20211 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Video Video
2/23/20211 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE AMENDED

Minutes note: Appearing: Lafayette Crump, DCD Commissioner Lori Lutzka, Dept. of City Development Ald. Bauman moved to amend the Amended and Restated Cooperation, Contribution and Redevelopment Agreement for the Couture Project that is attached to Common Council File Number 201365 by amending Section 13.4 as follows: 13.4 Notwithstanding anything to the contrary in this Article XIII, in exchange for the Personal Guaranties to be provided to CITY pursuant to this Agreement, >>and in exchange for a contribution to the Anti-Displacement Fund administered by MKE United in the amount of One Hundred Thousand Dollars ($100,000.00) payable by the Developer’s principals, Rick Barrett and/or Tan Lo, at closing,<< CITY hereby limits liability of DEVELOPER and its Affiliates as stated below and waives any potential claims against the Conventional Lender(s) and HUD Insured Lender related to FTA seeking reimbursement of TIGER Grant funds paid to CITY or FTA’s refusal to provide TIGER Grant funds for the Streetcar Amenities due to delays caused by DEVELOPER or its Affiliates, contractors or suppliers, Conventional Lender(s) or the HUD Insured Lender that result in the deadlines in Sections 2.2.F and 2.2.I. of this Agreement not being met. Any liability related to the TIGER Grant hereunder shall be limited to an amount not to exceed $1,411,713, and shall be solely recoverable from Rick Barrett and Tan Lo pursuant to the terms of the Personal Guaranties, and not the DEVELOPER. Prevailed (5-0)
Pass5:0 Action details Meeting details Video Video
2/23/20211 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTIONPass5:0 Action details Meeting details Not available
2/19/20211 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
2/19/20211 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
2/19/20211 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
2/9/20210 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
201365
Version
SUBSTITUTE 1
Reference
141263, 170169, 201062
Sponsor
The Chair
Title
Substitute resolution relating to the Amended and Restated Cooperation, Contribution, and Redevelopment Agreement as well as personal guaranties for the redevelopment of the property at 909 East Michigan Street for the Couture Project.
Analysis
This substitute resolution approves the Amended and Restated Cooperation, Contribution and Redevelopment Agreement, the Personal Guaranty 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; No. 170169 on May 31, 2017; and No. 201062 on December 15, 2020, 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 concerns about potential liability related to possible loss of outstanding TIGER Grants funds from the Federal Transit Administration in the event of future delays in the project timeline, the City is requiring personal guaranties from Richard Barrett and Tan Lo in the amount of $1,411,713 to cover such potential liability; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that the Amended and Restated Cooperation, Contribution and Redevel...

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