City of Milwaukee - File #: 090687

• File #: 090687
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/22/2009
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 11/3/2009
• Title: Substitute resolution authorizing additional funding for Tax Incremental District No. 48, Park East, and approving the terms of a Development Agreement for the property located at 1141 North Old World Third Street, in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
11/9/2009	0	MAYOR	SIGNED
11/3/2009	1	CITY CLERK	DRAFT SUBMITTED
11/3/2009	0	COMMON COUNCIL	ADOPTED	Pass	12:2
11/3/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Ald. Wade moves to accept Proposed Sub A. Prevailed 4-0. (Ald. Zielinski excused)	Pass	4:0
11/3/2009	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Rocky Marcoux, Commissioner, Department of City Development Michael Daun, Office of the Comptroller Craig Kammholz, Office of the Comptroller James Scherer, Department of City Development Rick Barrett, Developer Mr. Marcoux addresses the concerns of the alderman that were raised at the previous committee meeting and passes out a new letter from the Department of City Development. Mr. Scherer passes out a new term sheet dated November 3, 2009. Mr. Marcoux says that the developer has met all the requirements that the city has outlined. Ald. Zielinski at the table at 8:31 a.m. Ald. Murphy asks about the default concerns that he previously raised. Mr. Daun reviews the default scenarios that were detailed by the Comptroller's office in a letter previously submitted to committee members. Ald. Murphy points out that there will be a tax base when the project is finished, which will help the Park East area, most of the workers employed on the project will be city residents, and there will be job creation. He also says that the committee's primary obligation is to protect the taxpayers. Ald. Bauman says he is prepared to support the project Adoption by Ald. Bauman. Prevailed 5-0.	Pass	5:0
11/2/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/27/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Individuals appearing: Rocky Marcoux, Commissioner, Department of City Development Alison Rosek, Department of City Development Tony Smith, SP Friedman Consultants Eric Winn, JH Findorff & Son, Inc. Matt Rinka, Architect Tom Segress, Capmark Financial Group Tom Gartner, City Attorney's Office Rick Barrett, Developer Wally Morics, Comptroller's Office Michael Daun, Comptroller's Office Martha Brown, Dept. of City Development Ossie Kendrix, Dept. of Administration - Emerging Business Enterprise Public Comment: Lyle Balistreri, President of the Milwaukee Building and Trade Council Robert Baker, Elevator constructor Melissa Gowan, 749 W. Lyon Place, founder and president of Moore's Development Group Tony Meyerhoffer, 2720 N. Weil St., Bridge and Ornamental Ironworkers' Union Eric Apear, ADAX Creative Services Jeff Wort, 6162 N. 39th St. Held to provide default provisions, personal guarantee and compliance with the new MORE ordinance to the file with the intent that a special meeting will be held at 8:15 a.m prior to the Council meeting on November 3rd. Prevailed 5-0.	Pass	5:0
10/23/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/23/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/21/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/22/2009	0	COMMON COUNCIL	ASSIGNED TO

Number
090687
Version
Substitute 1
Reference

Sponsor
ALD. BAUMAN
Title
Substitute resolution authorizing additional funding for Tax Incremental District No. 48, Park East, and approving the terms of a Development Agreement for the property located at 1141 North Old World Third Street, in the 4th Aldermanic District.
Analysis
This substitute resolution approves the terms of a Development Agreement and increases the funding of TID No. 48 by $11,000,000 for the purpose of providing loans for construction of The Moderne, providing funds for construction of a public park and providing funds for administration costs associated with the TID.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) approved the creation of Tax Incremental District No. 48 (“TID No. 48” or “TID”) on March 5, 2002, via File No. 011182, and amended such TID on May 3, 2005, via File No. 041514, and increased the funding of such TID on April 9, 2008, via File No. 071392, and again on May 27, 2009, via File No. 081717; and

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Updated Economic Feasibility Study for TID No. 48, a copy of which is attached to this Common Council File, desires to provide funding sufficient to cover all TID No. 48 improvement costs, including public open space, direct assistance to private projects in the form of loans and city administration in accordance with the Project Plan; and

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Updated Economic Feasibility Study for TID No. 48, desires to enter into a Development Agreement among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and The Milwaukee Moderne, LLC, to provide a Completion Loan in the amount of $6,000,000 and a Mezzanine Loan in the amount of $3,300,000 for the proposed Moderne project in accordance with a Term Sheet, a copy of which i...