powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 090805    Version:
Type: Resolution Status: Placed On File
File created: 10/13/2009 In control: COMMON COUNCIL
On agenda: Final action: 2/27/2013
Effective date:    
Title: Substitute resolution approving the terms of a Cooperation and Development Agreement for the property located at 700 East Kilbourn Avenue, in the 4th Aldermanic District.
Sponsors: ALD. BAUMAN
Indexes: HOUSING, PLANNED UNIT DEVELOPMENTS
Attachments: 1. Letter from Comptroller's Office as of 11-19-09, 2. Letter from Comptroller's Office as of 10-23-09, 3. Economic Feasibility Study as of 10-22-09, 4. Fiscal Analysis, 5. Letter from DCD Transmitting Human Resources Agreements, 6. Term Sheet as of 11-16-09, 7. Exhibit A to Term Sheet as of 11-2-09, 8. Term Sheet as of 10-21-09, 9. Pictures from Kindness Architecture, 10. Letter from HUD to Love Funding, 11. Fiscal Note, 12. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
2/27/20131 COMMON COUNCIL PLACED ON FILEPass14:0 Action details Meeting details Not available
2/20/20131 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR PLACING ON FILEPass4:0 Action details Meeting details Not available
2/14/20131 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
2/14/20131 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
2/1/20111 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Video Video
12/1/20091 COMMON COUNCIL REFERRED TOPass14:0 Action details Meeting details Video Video
11/24/20091 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Rocky Marcoux, Commissioner, Department of City Development Jim Scherer, Department of City Development Michael Daun, Comptroller's Office Bruce Block, attorney for the the developer John Yaeger, Carpenter's Union Ald. Murphy moves to hold to the call of the chair. The motion is withdrawn so the committee can hear more testimony.
Pass3:2 Action details Meeting details Video Video
11/16/20091 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/16/20091 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/3/20091 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HELD TO CALL OF THE CHAIR

Minutes note: Individuals appearing: Rocky Marcoux, Commissioner, Department of City Development Allison Rozek, Department of City Development Michael Daun, Office of the Comptroller Craig Kammholz, Office of the Comptroller Mr. Daun said that he believes the Comptroller's report on the project will be ready by the next committee meeting. Ald. Bauman moves to hold to the call of the chair. Prevailed 4-0. (Ald. Zielinski excused)
Pass4:0 Action details Meeting details Not available
11/2/20091 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/2/20091 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 Tim Gottmann, New Land Enterprises, LLC Tony Smith, SP Friedman Consultants Harry Cheatam, Love Funding Corporation Craig Kammholtz, Comptroller's Office Since the Comptroller's report is not finished, Ald. Murphy said that he would not want to vote on the item at the committee meeting. Ald. Murphy moves to hold until a report from the Comptroller's office has been prepared. 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
10/23/20091 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
10/21/20090 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/13/20090 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
090805
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the terms of a Cooperation and Development Agreement for the property located at 700 East Kilbourn Avenue, in the 4th Aldermanic District.
Analysis
This substitute resolution approves the terms of a Cooperation and Development Agreement for the purpose of providing a loan guarantee for the construction of the Bookends project.
Body
Whereas, The Common Council of the City of Milwaukee, in accordance with the Economic Feasibility Study for the proposed Bookends project, desires to enter into a Cooperation and Development Agreement among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Bookends North LLC to provide loan guarantee assistance for the Bookends project in an amount not to exceed $3,450,000 to support the original principal amount of a subordinate loan the developer will obtain for the project in accordance with a Term Sheet, a copy of which is attached to this Common Council File; and

Whereas, The loan guarantee for the Bookends project will provide that in the event of a monetary default by the developer to its subordinate lender, the full amount of the City guarantee, in an amount not to exceed $3.45 million, will be payable by the City to the developer’s subordinate lender; now, therefore, be it

Resolved, That the Common Council of the City of Milwaukee, approves the Term Sheet for the Bookends Cooperation and Development Agreement; and, be it

Further Resolved, That the Common Council authorizes up to, not to exceed, $3,450,000 in the form of a loan guarantee for the Bookends project in accordance with the Term Sheet for the Bookends Cooperation and Development Agreement; and, be it

Further Resolved, That an amount not to exceed $3,450,000 of Contingent Borrowing shall be reserved for the term of the City’s obligations under the loan guarantee and may be used for payment of the City’s loan guarantee obl...

Click here for full text