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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 April 18, 2024 Meeting Minutes. Hearing no corrections or objection, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearings regarding approvals of a Project Plan and a Lease, the required Class II notices were published in the Daily Reporter on May 2nd and May 9th. In addition, regarding the approval of the Project Plan Amendment, the required Class I notice was published in the Daily Reporter on May 9th.
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| | 4. | | Resolution adopting the boundaries and Project Plan for the 100 East National Tax
Incremental Financing District.
Minutes note: Maria Prioletta of the Commissioner’s Office introduced TID 118. This affordable housing project will create 140 one- and two-unit apartments and 3,100 square feet of commercial space. The $54.6M investment will be completed by Bear Development with the use of affordable housing tax credits, bonds, and loans. The City will contribute $2.17M for a developer-financed TID with a 6% interest rate, 19-year term, 25% Small Business Enterprise, and 40% Resident Preference Program. The project will also follow the Anti-Displacement Preference Policy creating an opportunity for nearby residents to rent units. S.R.Mills of Bear Development stated the rents will be between $507 and $1,753 per unit with numerous amenities such as a green space, fitness center, on-site parking, and a community space that will be used by Harbor District Inc. Commissioner Charlier asked about the role of Ehlers to which Ms. Prioletta stated the company is under contract by the Authority to provide feasibility analysis. Chair Hardrick asked about the site to which Mr. Mills stated the soil testing has resulted in methane issues. The company is working with the WDNR to mitigate the concerns. Commissioner Smith asked about the parking. Mr. Mills stated there is both indoor and outdoor parking.
Mr. Mills stated the capital stack is secured and Ms. Prioletta made it clear the financing commitments are needed before a TID is brought to this Board. Finally, Commissioner Smith asked about occupancy to which Mr. Mills stated there is an extensive waiting list.Commissioner Smith moved for adoption of the resolution and it carried by a vote of 5 ayes - 0 nays (Galvan had not yet arrived). Adopted resolution is No. 10997.
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| 0 | 5. | Resolution | Resolution adopting the boundaries and Project Plan for the 100 East National Tax Incremental Financing District. | | | |
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| | 6. | | Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental
Financing District No. 85 (6th and National), in the 12th Aldermanic District.
Minutes note: Dan Casanova of Economic Development shared that this TID was created in 2015 for $1.66M of public infrastructure (PI) and amended in 2021 for $1.2M additional PI. The district had a base value of $32M with a 2023 value of $92M. The 2nd amendment would provide additional PI for W. Mineral and W. Walker ($2.4M), S. 2nd ($1M), Pierce Street Plaza ($700K), S. 9th ($600K), W. Lapham ($550K), S. 5th ($500K), Walker’s Square ($750K), Commercial Corridor Programs ($500K), neighborhood traffic calming ($500K), East/West Washington ($250K), public art ($100K), 8th and National Avenue skate park ($100K), a contingency ($500K), and TID administration ($250K) for a total of ~$8.45M. The feasibility analysis shows the TID will be paid off in Year 21 or 2036.Chair Hardrick asked about W. National Avenue to which Mr. Casanova stated TID 85 does not account for repaving W. National Avenue but there is an initiative led by the State of Wisconsin with local input to reconstruct National Avenue from 1st to 39th in 2026.Mr. Misky read into the record five support letters for the resolution from surrounding businesses and property owners. The letters are in the Authority files.
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10998.
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| 0 | 7. | Resolution | Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental Financing District No. 85 (6th and National), in the 12th Aldermanic District. | | | |
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| | 8. | | Resolution authorizing the Lease of the Redevelopment Authority of the City of Milwaukee
-owned building at 401 West Wisconsin Avenue and authorizing a License Agreement for
401 West Wisconsin Avenue with Nathaniel Davauer, in the 4th Aldermanic District.
Minutes note: Mr. Casanova shared that the Vel R. Phillips Plaza building will be completed at the end of June and provided a history with a Request for Proposal (RFP) issued in February 2024 for the 2,900 square-foot building receiving no proposals. The Authority did receive an unsolicited proposal from Caravan Hospitality Group. Eventually the project did not move forward. The Authority issued a second RFP this Spring and received a proposal from Nat Davauer and Draft & Vessel for a three-year lease with two 5-year renewal terms. The tenant will pay the Authority with $4K of monthly rent with a 2% annual escalator. The Authority will provide a $750K TID grant for tenant improvements (which the Authority will own) with the tenant being responsible for on-going utilities and daily maintenance.Mr. Davauer spoke of his interest in activating the outdoor space. He has some potential partnerships with a local chef, using the former Soup Bros. recipes,and an ice cream parlor. Commissioner Charlier asked about the partners and Mr. Davauer stated these are business relationships rather than leases. This resolution would allow a license for use of the outdoor space this summer with the building lease to begin in Fall 2024. Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10999.
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| 0 | 9. | Resolution | Resolution authorizing the Lease of the Redevelopment Authority of the City of Milwaukee -owned building at 401 West Wisconsin Avenue and authorizing a License Agreement for 401 West Wisconsin Avenue with Nathaniel Davauer, in the 4th Aldermanic District. | | | |
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| | 10. | | Resolution authorizing a License Agreement with the Westown Association for the property at 401-41 West Wisconsin Avenue for a special event.
Minutes note: Mr. Casanova provided background on the previous agreements. This license is for Night Market events to be held on June 26, July 24, August 14, September 11, and October 2. Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11000.
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| 0 | 11. | Resolution | Resolution authorizing a License Agreement with the Westown Association for the property at 401-41 West Wisconsin Avenue for a special event. | | | |
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| | 12. | | Resolution approving the acceptance of grant funds to support the City of Milwaukee’s Summer Youth Internship Program for 2024.
Minutes note: Scott Stange of Contracts Administration described the Summer Youth Internship Program and the role of Vanessa Armstrong and the department in overseeing the Program. Employ Milwaukee is offering to supplement the Program this year with an additional $100K to fund 30 juniors and seniors for 8 weeks at 20 hours per week and $15 per hour. This supplemnt will add to the City’s Budget to allow the hiring of 100 students this summer. Both Chair Hardrick and Commissioner Jones spoke of their previous experiences working with the interns. Commissioner Jones then asked why the Authority rather than the City with Mr. Stange stating it was due to the Common Council schedule not aligning with the summer schedule. Further, the Authority is strictly a pass-through and is paying all the funds to Manpower which oversees the hiring of the young adults. Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11001.
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| 0 | 13. | Resolution | Resolution approving the acceptance of grant funds to support the City of Milwaukee’s Summer Youth Internship Program for 2024. | | | |
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| | 14. | | Communication by Finance & Administration related to Investment Managment Portfolio.
Minutes note: David Schroeder of Finance & Administration introduced the item, the current contract, and the investment team. The Associated Bank Investment team provided an overview of the Authority’s portfolio and the guardrails set by State Statutes and the Authority’s Investment Policy. The total value of the reserves is ~$6.1 million. | | | |
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| | 15. | | Other Business | | | |
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| | 16. | | Adjournment
Minutes note: The meeting was adjourned at 2:45 p.m. Minutes created by David Misky. | | | |
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