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| | 1. | | Pledge of Allegiance
Minutes note: The meeting was called to order at 1:30 p.m. The pledge of Allegiance was said. | | | |
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| | 2. | | Roll Call | | | |
Roll call
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| | 3. | | Minutes
Minutes note: After the Pledge of Allegiance and Roll Call, the Chair asked for a motion to adopt the December 21, 2023 Meeting Minutes. Hearing no corrections or objection, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearing regarding approval of a Project Plan Amendment, the required Class I notice was published in the Daily Reporter on January 11th and the public hearing regarding approval of a lease, the required Class II notice was published in the Daily Reporter on January 4th and 11th.
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| | 4. | | Resolution approving Amendment No. 6 to the Project Plan for Tax Incremental Financing District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts, to allow donations to Tax Incremental Financing District No. 74 (North 35th Street and West Capitol Drive), in the 7th Aldermanic District, and authorizing additional public infrastructure expenditures within the one-half mile radius of the District 48 boundaries.
Minutes note: Dan Casanova of Economic Development reintroduced TID 48 with the most recent amendment approved in 2023 to create the Vel R. Phillips Plaza. The 2002 base value was $45M and the current value is $360M. This amendment would be utilized for infrastructure for Vel R. Phillips ($1.5M), N. Water Street ($1.9M), W. Kilbourn Avenue ($1.3M), Red Arrow Park ($500K), City Hall Square ($50K), and a contingency ($500K). The amendment would also provide a $11.75M donation to TID 74 (Century City) with downtown TIDs having donated $48M to underperforming TIDs in the neighborhoods. TID 48 has performed well and will pay off in year 25 (2027).
Commissioner Smith asked about the infrastructure plans to which Mr. Casanova stated the monies will be used for design and not impementation. Funds to construct will likely come from grants and other TIDs.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10983.
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| 0 | 5. | Resolution | Resolution approving Amendment No. 6 to the Project Plan for Tax Incremental Financing District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts, to allow donations to Tax Incremental Financing District No. 74 (North 35th Street and West Capitol Drive), in the 7th Aldermanic District, and authorizing additional public infrastructure expenditures within the one-half mile radius of the District 48 boundaries. | | | |
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| | 6. | | Resolution authorizing the Lease of the Redevelopment Authority of the City of Milwaukee -owned building at 401 West Wisconsin Avenue, in the 4th Aldermanic District.
Minutes note: Dan Casanova of Economic Development shared that the Vel R. Phillips Plaza building will be completed this Spring. The Authority issued a Request for Proposal (RFP) last summer for the 2,900 square-foot building but did not receive any proposals; however, did receive an unsolicited proposal from Caravan Hospitality Group which operates the Nomad Coffee Bar and other restaurants. The Authority has proposed a three-year lease with 4 renewal terms of 5 years each. The tenant will provide the Authority with $5K of monthly rent or 6% gross sales, whichever is greater, with the rent being applied to the Authority’s General Fund. The Authority would provide a $750K TID grant for tenant improvements with the tenant being responsible for on-going utilities and daily maintenance.
The prospective tenant, Mike Eitel of the Caravan, spoke of his experience and of the excitement he has for the neighborhood including Fiserv offices, expansion of the Baird Center, Kohl’s, Milwaukee Tool, and the Iron District. Commissioner Smith asked about naming the restaurant. Mr. Eitel stated he is working on it.
Commissioners Charlier and Galvan asked about the RFP which was posted from April through July 2023. Mr. Casanova stated once RFPs close, the Authority will list a property for lease but before this could be done, the Authority received the unsolicited proposal.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10984.
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| 0 | 7. | Resolution | Resolution authorizing the Lease of the Redevelopment Authority of the City of Milwaukee -owned building at 401 West Wisconsin Avenue, in the 4th Aldermanic District. | | | |
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| | 8. | | Resolution relative to application, acceptance, and funding of a Wisconsin Economic Development Corporation, Idle Industrial Sites Redevelopment Program grant for the riverwalk project located in the Harbor District, in the City of Milwaukee.
Minutes note: Alyssa Remington of Economic Development stated the City received bids last fall for the Harbor District Riverwalk. The bids exceeded the $15M allocated for the riverwalk, particularly after some funds were used for the design, the Harbor View Plaza, and Watermarks. The Contract Management Team has been looking at scaling back on a couple of amenities, value engineering, and additional sources of funds. This resolution would allow the Authority to apply for $500K to help fund the gap.
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No 10985.
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| 0 | 9. | Resolution | Resolution relative to application, acceptance, and funding of a Wisconsin Economic Development Corporation, Idle Industrial Sites Redevelopment Program grant for the riverwalk project located in the Harbor District, in the City of Milwaukee. | | | |
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| | 10. | | Adjournment
Minutes note: The meeting was adjourned at 2:05 p.m. Minutes prepared by David Misky. | | | |
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