City of Milwaukee - File #: 090805

• File #: 090805
• Version: 1
• Type: Resolution
• Status: Placed On File
• File created: 10/13/2009
• In control: COMMON COUNCIL
• Final action: 2/27/2013
• 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

Date	Ver.	Action By	Action	Result	Tally
2/27/2013	1	COMMON COUNCIL	PLACED ON FILE	Pass	14:0
2/20/2013	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	4:0
2/14/2013	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/14/2013	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/1/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	5:0
12/1/2009	1	COMMON COUNCIL	REFERRED TO	Pass	14:0
11/24/2009	1	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 The motion is withdrawn so the committee can hear more testimony.	Pass	3:2
11/16/2009	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/16/2009	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/3/2009	1	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)	Pass	4:0
11/2/2009	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/2/2009	1	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 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.	Pass	5:0
10/23/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/23/2009	1	CITY CLERK	DRAFT SUBMITTED
10/21/2009	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/13/2009	0	COMMON COUNCIL	ASSIGNED TO

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...