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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 | | | |
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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 May 15, 2025 Meeting Minutes. One minor edit was made to the minutes regarding Commissioner West’s presence. Hearing no other corrections or objections, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearing regarding approval of a Project Plan, the required Class II notice was published in the Daily Reporter on May 29th and June 5th. The public hearings regarding approval of Environmental Cleanup, the required Class II notices were also published in the Daily Reporter on May 29th and June 5th.
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| | 4. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 125 (Historic Patterson Place).
Minutes note: Lori Lutzka of the Economic Developemnt team introduced the item. The former MPS school property was closed in 2005 and deemed surplus by the District in 2012. The City issued an RFP for a school use in 2016 and for adaptive reuse in 2018 after the Rocketship School proposal fell through. The sale to Wisconsin Redevelopment LLC and AndersonWebb LLC was approved in 2019 by the City with extensions until December 2025. The development will include 48 units with a communty room, gym, and meeting space with an estimated completion of Winter 2026-27.
This $970K TID is a developer-financed loan at 6.55% interest to be repaid in year 25. The $21.1MM development will include 9% affordable housing tax credits, historic tax credits, Housing Trust Funds, and a RACM loan. The development team is agreeing to 25% Small Business Enterprise (SBE) and 40% Resident Preference Program (RPP).
Todd Hutchison of Wisconsin Redevelopment LLC introduced his company having completed numerous City of Milwaukee projects including Mitchell Street Lofts, Welford Sanders Lofts, Silver City Townhomes, and King Drive Commons. About half of their projects are new construction and half are adaptive reuse.
Commissioner Charlier asked about the construction schedule to which Mr. Hutchison stated the site plans are in for permits. They expect to start construction in August 2025. The project is considered to be one phase but the townhomes will be completed first with the school to follow.
Commissioner Charlier asked about management of the facility. Mr. Hutchison stated Team Management will be the third party property manager. Team oversees all of their LIHTC projects. Mr. Hutchison also stated Alderwoman Pratt is supportive.
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11038.
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| 0 | 5. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 125, Historic Patterson Place. | | | |
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| | 6. | | Resolution authorizing a loan up to $1,250,000 from RACM’s EPA Brownfield Revolving Loan Fund to Historic Patterson Place, LLC or an agreed upon affiliate to be used on the property at 4116 West Silver Spring Drive, Milwaukee, Wisconsin.
Minutes note: Tory Kress of the Environmental Team provided an overview of the environmental history of the site including impacted fill, and asbestos and lead in the building. The development team has fully investigated the site and has a remediation plan with soil management that includes capping and off-site discposal. The 18-year term has a 3.25% interest rate to assist the devleoper with their capital stack.
Commissioner Charlier asked about Davis-Bacon and “Buy America” to which Ms. Kress stated the provisions are limited to the remediation contract and not the rest of the project.
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11039.
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| 0 | 7. | Resolution | Resolution authorizing a loan up to $1,250,000 from RACM’s EPA Brownfield Revolving Loan Fund to Historic Patterson Place, LLC or an agreed upon affiliate to be used on the property at 4116 West Silver Spring Drive, Milwaukee, Wisconsin. | | | |
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| | 8. | | Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Bronzeville Arts and Tech Hub, LLC or an agreed upon affiliate to be used on the properties at 606 and 616 West North Avenue, Milwaukee, Wisconsin.
Minutes note: Ms. Kress provided an overview of the environmental history of the site including a gas station, printing shop, laundry facility, and manufacturing. This loan is on top of the $700K loan we provided in 2024 for the adjacent residential development. The remediation plan for the commercial building requires soil excavation and disposal. The 17-year term has a 4% interest rate.
Michael Adetoro of FIT Development provided an update of the overall project. Commissioner Jones asked about the soil conditions and timline. Mr. Adetoro stated the soils were worse than expected even after the initial due diligence. Commissioner Charlier asked a follow up question on the soil conditions and the pro forma to which Mr. Adetoro stated the site soil work has been completed with some cost overuns but the development team is closing its remaining financial gap. The team expects to move the construction of the commercial building forward in September that will house creatinve arts groups.
Commissioner Charlier moved for adoption of the resolution and it carried by a vote of 6 ayes and 0 nays. Adopted resolution is No. 11040.
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| 0 | 9. | Resolution | Resolution authorizing a loan up to $500,000 from RACM’s EPA Brownfield Revolving Loan Fund to Bronzeville Arts and Tech Hub, LLC or an agreed upon affiliate to be used on the properties at 606 and 616 West North Avenue, Milwaukee, Wisconsin. | | | |
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| | 10. | | Other Business | | | |
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| | 11. | | Adjournment
Minutes note: The meeting was adjourned at 2:03 p.m. | | | |
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