|
| | 1. | | Pledge of Allegiance
Minutes note: The meeting was called to order at 1:30 p.m. The Pledge of Allegiance was said. | | | |
|
Not available
|
|
| | 2. | | Roll Call | | | |
Roll call
|
Not available
|
|
| | 3. | | Minutes
Minutes note: After the Pledge of Allegiance and Roll Call, the Chair asked for a motion to adopt the June 12, 2025 Meeting Minutes. Hearing no corrections or objections, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearings regarding approval of a Project Plan, the required Class II notices were published in the Daily Reporter on July 3rd and July 10th. The public hearing regarding approval of a Project Plan Amendment, the required Class I notice was published in the Daily Reporter on July 10th. The public hearings regarding approval of Environmental Cleanup, the required Class II notices were also published in the Daily Reporter on July 3rd and July 10th.
| | | |
|
Not available
|
|
| | 4. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 127 (100 E. Wisconsin).
Minutes note: Executive Director Lafayette Crump kicked off the item describing the need for a Workforce Housing TIF Policy published by the City in April 2025.This particular TID will assist a $165M investment to preserve and transform an historic building in the City.
Larry Kilmer of the Commissioner’s Office provided specifics of the project including creation of 373 apartment units with 75 units set aside for rents restricted up to 100% of AMI. The project is consistent with the area plan and will be completed in early 2028.
The development team includes Joe Klein, Mike Klein, and Johnny Vasallo who have completed $1.5B of projects in the Milwaukee area. The $14.4M TIF is a developer-financed loan at 6.2% interest to be repaid in year 16. The development will include 25% Small Business Enterprise (SBE) and 40% Resident Preference Program (RPP).
Commissioner Jones asked about the commercial conversion concept with Mr. Kilmer stating the City looks favorably on developments that make rent restrictions. Mr. Kilmer provided additional information on qualifying income limits. Commssioner Jones suggested that the policy to TIF projects up to 100% AMI could potentially bring a number of projects to apply for City assistance. Executive Director Crump stated that is a possiblity but each project will be reviewed on an individual basis.
Commissioner Smith asked if other municipalities are faced with similar challenges to which Mr. Crump stated Covid and returning to work has softened the office market across the country. Commissioner Westmoreland stated he is excited for this conversion to save one of his favorite buildings.
Commissioner Galvan asked about parking and remaining businesses to which Joe Klein stated parking is accomodated on floors 2 through 9 with 340 spaces and the last remaining business is leaving soon. Most of the businesses in the building have relocated to other downtown office space. The proposed project will have amenities such as an exercise facility, co-working space, bike storage, and a club room.
Commissioner Galvan asked about HUD financing. Mr. Klein stated the financing requires the contracts to follow Davis-Bacon and they are using Stevens Construction along with Oxeland to complete the project. Both firms are familiar with Davis-Bacon requirements.
Resident Cade Gerlach spoke in favor of the project and proposed TID.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11041.
| | | |
|
Not available
|
|
250597
| 0 | 5. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 127 (100 East Wisconsin). | | | |
Action details
|
Not available
|
|
| | 6. | | Resolution approving the First Amendment to the Project Plan for Tax Incremental Financing District No. 59 (Bronzeville Cultural and Entertainment District).
Minutes note: Lori Lutzka of the Economic Development team shared that the original TID was for $2.3M and was for property acquisiton, site prep, business development, housing initiatives, and public infrastructure. This amendment would add $5M to the TID for additional public infrastructure ($1.9M), new affordable housing ($525K), streetscaping ($1.22M), Beechie Brooks statute ($80K), and funds for the DCD Commercial Corridor Team ($1M). The total $10.993M TID is City-financed to be repaid in 2032 or year 27.
Cassandra Brooks of the Halyard Park Association Foundation and Ray Hill of the MLK BID spoke in favor of the TID amendment which will beautify Halyard Park, MLK Drive, and Bronzeville. Beth Van Gorp of Habitat for Humanity also spoke in favor of the amendment.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11042.
| | | |
|
Not available
|
|
250598
| 0 | 7. | Resolution | Resolution approving the First Amendment to the Project Plan for Tax Incremental Financing District No. 59 (Bronzeville Cultural and Entertainment District). | | | |
Action details
|
Not available
|
|
| | 8. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 123 (Northwoods).
Minutes note: Ms. Lutzka reintroduced the item that was heard at the May 2025 RACM Board Meeting. The resolution today would add $400K to the original TID approved to account for a full sprinkler system for the development. The $15.2M development will create 72 units with 52 outdoor parking spaces. The work is projected to be completed in the Fall 2026.
This site-specific TID of $1.67M is a developer-financed loan at 5.25% interest to be repaid in year 25. The development will include 4% affordable housing tax credits and be subject to the Anti-Displacement Preference Policy where 20% of the units are for area residents.
The development team is agreeing to 25% Small Business Enterprise (SBE) and 40% Resident Preference Program (RPP).
Commissioner West stated her appreciation to the City and the developer in finding a solution to provide a sprinkler system for the entire facility.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11043.
| | | |
|
Not available
|
|
250599
| 0 | 9. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 123 (Northwoods). | | | |
Action details
|
Not available
|
|
| | 10. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 128 (Compass Lofts).
Minutes note: Mr. Kilmer stated the City-owned site will be developed into 67 housing units (56 affordable and 11 market rate) and 7K square feet of commercial space for a grocer and daycare. Completion is scheduled for late 2026 with the project being consistent with the NE Side Area Plan. The developer, Compass Lofts LLC, comprised of MLKEDC and EA Development (Elaine Familia) and represented by Anthony Kazee.
The $1.37M developer-financed TIF District has terms that include a 7.23% interest rate over 20 years of the TIF life. The $19.7M project will include 25% SBE, 40% RPP, and the Anti-Displacement Preference Policy. The two contingencies are a HOME-ARP grant from the Common Council and a variance from the Board of Zoning Appeals.
Commissioner Galvan asked about the environmental conditions to which Mr. Kazee stated the Sigma Group has investigated the site and estimated the costs to remediate.
Alderwoman Milele Coggs, who grew up in the neighborhood, spoke in favor of this project and Agenda Items 2 and 3.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11044.
| | | |
|
Not available
|
|
250600
| 0 | 11. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 128 (Compass Lofts). | | | |
Action details
|
Not available
|
|
| | 12. | | Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Compass Lofts MLKEDC, LLC or an agreed upon affiliate to be used on the property at 3116 North Martin Luther King Junior Drive, Milwaukee, Wisconsin.
Minutes note: Tory Kress of the Environmental Team provided the environmental background of the site including the remediation approach with soil management. The development team is using the Sigma Group to fully investigate the site. The 17-year term has a 3.5% interest rate that has been underwritten by MEDC.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11045.
| | | |
|
Not available
|
|
250601
| 0 | 13. | Resolution | Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Compass Lofts MLKEDC, LLC or an agreed upon affiliate to be used on the property at 3116 North Martin Luther King Junior Drive, Milwaukee, Wisconsin. | | | |
Action details
|
Not available
|
|
| | 14. | | Resolution authorizing a loan up to $750,000 from RACM’s EPA Brownfield Revolving Loan Fund to Union at Rose Park, LP or an agreed upon affiliate to be used on the properties at 3030 – 3064 North Martin Luther King Junior Drive, Milwaukee, Wisconsin.
Minutes note: Ms. Kress provided an overview of the environmental history of the site including a leaking tank and impacted fill. The development team has fully investigated the site and has an approved remedial action plan that includes capping, off-site soil disposal, and vapor mitigation. The 17.5-year term has a 3.25% interest rate to assist the devleoper with their capital stack. The company has also agreed to the Anti-Displacement Preference Policy.
Rachel Kriech, Director of Development for the Annex Group, introduced their company with a primary focus on affordable housing. The 92K square-foot new building will include 75 units of housing, 50 outdoor parking spaces, and be completed at the end fo 2026.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11046.
| | | |
|
Not available
|
|
250602
| 0 | 15. | Resolution | Resolution authorizing a loan up to $750,000 from RACM’s EPA Brownfield Revolving Loan Fund to Union at Rose Park, LP or an agreed upon affiliate to be used on the properties at 3030 - 3064 North Martin Luther King Junior Drive, Milwaukee, Wisconsin. | | | |
Action details
|
Not available
|
|
| | 16. | | Other Business | | | |
|
Not available
|
|
| | 17. | | Adjournment
Minutes note: The meeting was adjourned at 2:58 p.m. Minutes created by David Misky. | | | |
|
Not available
|