City of Milwaukee - File #: 101492

• File #: 101492
• Version: 1
• Type: Resolution
• Status: Placed On File
• File created: 3/23/2011
• In control: COMMON COUNCIL
• Final action: 4/2/2014
• Title: Substitute resolution authorizing additional funding for Tax Incremental District No. 48, Park East, and approving the terms of a Development Agreement for the North End Phase II development, in the 3rd Aldermanic District.
• Sponsors: ALD. KOVAC, ALD. MURPHY
• Indexes: AGREEMENTS, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
4/2/2014	1	COMMON COUNCIL	PLACED ON FILE	Pass	14:0
3/25/2014	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	5:0
4/26/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/21/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
3/23/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
101492
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. KOVAC AND MURPHY
Title
Substitute resolution authorizing additional funding for Tax Incremental District No. 48, Park East, and approving the terms of a Development Agreement for the North End Phase II development, in the 3rd Aldermanic District.
Analysis
This substitute resolution approves the terms of a Development Agreement and increases the funding of TID No. 48 by $4,723,268 for the purpose of providing a loan for construction of the North End Phase II development.
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, May 27, 2009, via File No. 081717, and November 3, 2009, via File No. 090687; and

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances, desires to provide funding sufficient to cover all TID No. 48 improvement costs, including direct assistance to private projects in the form of loans; and

Whereas, USL Phase I Land, LLC desires to construct a 2-building, mixed-use development - the North End Phase II -- with 155 rental apartments, 227 parking spaces and 2,282 square feet of retail space on the block bounded by Water Street, the Milwaukee River, Pleasant Street and Milwaukee Street; and

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances, desires to enter into a Development Agreement among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and USL Land Phase I, LLC, to provide a $2.2 million infrastructure grant and a junior construction/permanent loan in the amount of $4,723,268 for the proposed North End Phase II project in accordance with a Term Sheet, a copy of which is attached...