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File #: 100737    Version:
Type: Resolution Status: Passed
File created: 10/12/2010 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 11/23/2010
Effective date:    
Title: Substitute resolution authorizing the execution of a Cooperation Agreement by and between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for refinancing the Redevelopment Authority’s Series 2001 Revenue Bonds and for financing The South End capital improvements project of Milwaukee World Festival, Inc., in the 4th Aldermanic District.
Sponsors: ALD. MURPHY, ALD. BAUMAN
Indexes: AGREEMENTS, REDEVELOPMENT AUTHORITY, REVENUE BONDS, SUMMERFEST
Attachments: 1. Fiscal Impact Statement, 2. Cooperation Agreement, 3. Term Sheet, 4. Cover Letter, 5. Department of City Development Cover Letter.pdf, 6. Media Release by Ald Murphy and Ald Bauman, 7. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/6/20101 MAYOR SIGNED   Action details Meeting details Not available
11/23/20101 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Video Video
11/18/20101 COMMON COUNCIL HEARING NOTICES SENT   Action details Meeting details Not available
11/16/20101 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals present: Tom Gartner - City Attorney's Office Frank Nicotera - World Festivals Bob Gossey - director of design and construction at World Festivals
Pass4:0 Action details Meeting details Video Video
11/15/20100 CITY CLERK Sponsor added

Minutes note: Ald. Murphy and Ald. Bauman added as sponsors at the request of Ald. Murphy on 11/15/10 - LME
   Action details Meeting details Not available
11/9/20100 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/12/20100 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
100737
Version
SUBSTITUTE 1
Reference

Sponsor
ALDERMAN MURPHY AND BAUMAN
Title
Substitute resolution authorizing the execution of a Cooperation Agreement by and between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for refinancing the Redevelopment Authority’s Series 2001 Revenue Bonds and for financing The South End capital improvements project of Milwaukee World Festival, Inc., in the 4th Aldermanic District.
Analysis
This resolution authorizes the execution of a Cooperation Agreement with the Redevelopment Authority providing for the issuance by the Authority of tax exempt revenue bonds that will finance the implementation of the Milwaukee World Festival Inc., South End Project. The Cooperation Agreement also expresses the City’s commitment to provide credit enhancement for the 2010 Redevelopment Authority of the City of Milwaukee Redevelopment Revenue Bonds by providing a moral obligation pledge to be responsible for debt service.
Resolution
Body
Whereas, City and Milwaukee World Festival, Inc. (“Festival”) have entered into a Lease Agreement effective as of the 1st day of January 2001 as amended by a First Amendment dated as of February 1, 2005 and a Second Amendment dated as of January 6, 2010 (“Lease”) for real property commonly known as the Henry Maier Festival Grounds; and
Whereas, The Lease provided for financing of a portion of the costs of Festival’s Capital Improvements Program I through the issuance of tax-exempt bonds by the Authority in 2001; and
Whereas, The Lease also contemplates financing a portion of the costs of the South End Project through the issuance by the Authority of one or more additional series of tax exempt bonds (the “2010 Bonds”), and
Whereas, The Authority adopted Resolution No. 10243 on October 21, 2010 which was an initial resolution related to the issuance of the 2010 Bonds for the South End Project in an amount not to exceed $25 million; and
Whereas, The City and the Aut...

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