City of Milwaukee - File #: 201573

• File #: 201573
• Version: 0
• Type: Resolution-Immediate Adoption
• Status: Passed
• File created: 3/19/2021
• In control: COMMON COUNCIL
• Final action: 3/19/2021
• Title: 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: ALD. BAUMAN
• Indexes: LAKEFRONT DEVELOPMENT

Date	Ver.	Action By	Action	Result	Tally
3/19/2021	0	MAYOR	SIGNED
3/19/2021	0	COMMON COUNCIL	ADOPTED	Pass	15:0

IMMEDIATE ADOPTION

Number
201573

Reference
201365

Version
ORIGINAL

Sponsor
ALD. BAUMAN

...Title
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
The Common Council, on March 2, 2021, adopted Common Council File Number 201365, approving an 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. The development agreement approved by that file was amended on February 23, 2021, by the Zoning, Neighborhoods, and Development Committee to require the developer to make a contribution of $100,000 to the Anti-Displacement Fund administered by MKE United at closing. This resolution affirms this earlier action, but also inserts a provision requiring that the contribution be held in escrow by the developer until an outside counsel, selected by the Common Council President and the City Attorney, is able to determine whether the amendment requiring the contribution was adopted in a manner consistent with law. The work of the special counsel is to be completed within 90 days of the effective date of this resolution.

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 t...