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File #: 090687    Version:
Type: Resolution Status: Passed
File created: 9/22/2009 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 11/3/2009
Effective date:    
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
Attachments: 1. Updated Economic Feasibility Study as of 10-20-09, 2. Moderne Default Scenarios, 3. Term Sheet as of 10-21-09, 4. Updated Economic Feasibility Study as of 9-22-09.pdf, 5. Term Sheet as of 9-22-09, 6. Park East TID 48 Adjustment-Moderne Project, 7. Fiscal Analysis, 8. Substitute Fiscal Note, 9. Fiscal Note, 10. Letter from DCD Transmitting the Human Resouces Agreement, 11. City Attorney Letter to the Comptroller, 12. Term Sheet as of 11-03-09, 13. Term Sheet as of 11-2-09.pdf, 14. Exhibit A to Term Sheet as of 11-2-09.pdf, 15. Follow-Up Letter From Comptroller, 16. Hearing Notice List, 17. Letter from DCD Dated 11-2-09
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
11/9/20090 MAYOR SIGNED   Action details Meeting details Not available
11/3/20091 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
11/3/20090 COMMON COUNCIL ADOPTEDPass12:2 Action details Meeting details Video Video
11/3/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE SUBSTITUTED

Minutes note: Ald. Wade moves to accept Proposed Sub A. Prevailed 4-0. (Ald. Zielinski excused)
Pass4:0 Action details Meeting details Not available
11/3/20091 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.
Pass5:0 Action details Meeting details Not available
11/2/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/27/20090 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.
Pass5:0 Action details Meeting details Video Video
10/23/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/23/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/21/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/22/20090 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
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...

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