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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 June 20, 2024 Meeting Minutes. One correction was made with Commissioner Westmoreland not in attendance for the June meeting and Commissioner Galvan being present virtually. 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 Amendment, the required Class I notice was published in the Milwaukee Journal Sentinel and the Daily Reporter on July 3rd.
The public hearings regarding approval of Project Plans, Property Dispositions, and Environmental Cleanup, the required Class II notices were published in the Daily Reporter on June 26th and July 3rd.
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| | 4. | | Resolution approving a Fourth Amendment to the Project Plan for Tax Incremental Financing District No. 70 (735 N Water).
Minutes note: Alyssa Remington of Economic Development reintroduced TID 70 that was created in 2007 with $1.5 million for building restoration and $1.5 million for riverwalk improvements. This amendment would contribute $600K for riverwalk improvements for the Neutral Project which is constructing a 35-story building with 383 market-rate residential units. The value of the District is $45 million with $650K of increment being annually generated. This amendment would be covered by surplus increment and there would be no additional debt.
Commissioner West asked when the District would be paid off to which Ms. Remington stated in the next couple of years. Commissioner Jones asked about the debt service of the District. Ms. Remington stated the debt is already paid and there will be an opportunity in the near future to amend the TID for infrastructure and housing initiatives.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11005.
The Authority decided to hear items 2 and 3 togther but vote on them separately.
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| 0 | 5. | Resolution | Resolution approving a Fourth Amendment to the Project Plan for Tax Incremental Financing District No. 70 (735 N Water). | | | |
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| | 6. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 120, Kin at Freshwater.
Minutes note: Lori Lutzka of Economic Development introduced TID 120 and provided background of the development team, Rule Enterprise and Emem Group. Kin at Freshwater will use 4% affordable housing tax credits to help construct 140 residential units (113 affordable and 27 market rate) and 1,300 sf of commercial space for Unite MKE as the tenant. The $44.4M investment will be completed by the end of 2025. The City will contribute $2M for a developer-financed TID with a 6% interest rate, 17-year term, 25% Small Business Enterprise, and 40% Resident Preference Program. In addition, 20% of the units will be reserved for residents living in the 53204 zip code as part of the anti-displacement policy.
Commissioner West asked about the anti-displacement policy to which Michael Emem of Emem Group stated there will be community outreach about the opportunity to live in the new units which is required for a certain length of time.
Chair Hardrick and Commissioners Jones and Smith asked about the rationale behind the creation of a new TID within an existing TID. Ms. Lutzka explained the increment generated from the new TID will not contribute to the debt service of the older TID. Sometimes it is beneficial for a TID to stand alone rather than be tied up by other outside factors in the District. More importantly, the new TID benefits from the entire 27 years of Statutory life of the District rather than, in this case, the remaining 17 years of the older TID.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11006.
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| 0 | 7. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 120, Kin at Freshwater. | | | |
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| | 8. | | Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority of the City of Milwaukee-owned property located at 200 E. Greenfield Avenue, in the 12th Aldermanic District.
Minutes note: Matt Haessly of Real Estate stated there was a “Request for Proposals (RFP)” issued in 2022 for this property. The City received three proposals and selected the Kin at Freshwater proposal to construct an affordable housing development at the site that will include a stormwater area on the south side of the parcel and a dog run.
Commissioner Galvan asked whether President Perez was supportive of the project to which Mr. Emem stated he was. There are also letters of support from the Walker’s Point Neighborhood Association and Harbor District Inc. placed in the file. Commissioner Galvan also asked about the marketing of the units to the neighborhood and that the outreach be available in Spanish. Mr. Emem assured the Board the marketing would be.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11007.
The Authority decided to hear items 4 and 5 togther but vote on them separately.
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| 0 | 9. | Resolution | Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority of the City of Milwaukee-owned property located at 200 E. Greenfield Avenue, in the 12th Aldermanic District. | | | |
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| | 10. | | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 121, Bronzeville Arts & Tech Hub.
Minutes note: Ms. Lutzka introduced TID 121 and provided background of the development team, FIT Investments (Michael Adetoro) and Lutheran Social Services, that will use 9% affordable housing tax credits to construct 60 residential units (48 affordable and 12 market rate). The 29K sf of commercial space for the Bronzeville Arts and Tech Hub will utilize New Market Tax Credits and include the Wisconsin Conservatory of Music and Black Arts MKE. The $28.7M investment ($18.2M for residential and $10.5M for commercial) will be completed by the end of 2025. The City will contribute $700K for a developer-financed TID with a 7% interest rate, 19-year term, 25% Small Business Enterprise, and 40% Resident Preference Program. In addition, 20% of the units will be reserved for residents living in the 53212 zip code as part of the anti-displacement policy.
Commissioner Smith asked about tenant space. Mr. Adetoro stated the tenants will share studio space and a small to medium-sized theater that seats 100-150 people. He also mentioned another possible tenant that works in STEAM.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11008.
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| 0 | 11. | Resolution | Resolution adopting the boundaries and Project Plan for Tax Incremental Financing District No. 121, Bronzeville Arts & Tech Hub. | | | |
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| | 12. | | Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority properties at 2307-09 N. 6th Street, 2317-25 N. 6th Street, 616-18 W. North Avenue, 622 W. North Avenue, 626 W. North Avenue, 628-30 W. North Avenue, 2316-18 N. 7th Street and 2322 N. 7th Street, in the 6th Aldermanic District.
Minutes note: Mr. Haessly of Real Estate stated there was an RFP issued in 2022 for the eight properties. The City received six proposals and, with the help of the Bronzeville Advisory Committee, selected Michael Adetoro and the FIT Investment proposal to construct an arts hub/affordable housing development at the site. FIT received Housing Trust Fund money from the City in 2022 and WHEDA tax credits in 2023.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11009.
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| 0 | 13. | Resolution | Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority properties at 2307-09 N. 6th Street, 2317-25 N. 6th Street, 616-20 W. North Avenue, 622 W. North Avenue, 626 W. North Avenue, 628-30 W. North Avenue, 2316-18 N. 7th Street and 2322 N. 7th Street, in the 6th Aldermanic District. | | | |
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| | 14. | | Resolution authorizing up to two loans totaling up to $1,500,000 from RACM’s EPA Brownfield Revolving Loan Fund to East National, LLC or an agreed upon affiliate to be used on the property at 100 East National Avenue, Milwaukee, Wisconsin.
Minutes note: Tory Kress of the Environmental Team provided an overview of the project where the Authority approved TID No. 118 in May 2024 for Bear Development to construct 140 housing units with a completion date of 2026. The $54.6 million investment requires removal of 15,000 cubic yards of contaimnated soil and a vapor/methane abatement system. To date, the RACM loan fund has provided 20 loans that have assisted in remediating 290 acres and have led to over $800 million of private investment and 4,465 jobs created or retained. The $700K loan has a longer term to match the affordable housing tax credits and the $800K loan is a 4-year term to act as a construction loan.
Commissioner Jones asked if the short-term loan is collateralized. Ms. Kress stated it is.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11010.
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| 0 | 15. | Resolution | Resolution authorizing up to two loans totaling up to $1,500,000 from RACM’s EPA Brownfield Revolving Loan Fund to East National, LLC or an agreed upon affiliate to be used on the property at 100 East National Avenue, Milwaukee, Wisconsin. | | | |
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| | 16. | | Resolution authorizing up to a $700,000 loan from the RACM Brownfield Revolving Loan Fund to Kin at Freshwater, LLC or an agreed upon affiliate to be used on the parcel located at 200 East Greenfield Avenue, Milwaukee, Wisconsin.
Minutes note: Ms. Kress provided an overview of the environmental history of the site including a foundry with rail sidings. The State-approved remediation plan requires soil excavation and disposal and a sub-slab ventilation system. The 9-year term has a 3.5% interest rate to assist the devleoper with their capital stack.
Commissioner Jones asked if the loan repayments were before the developer fee is taken out to which Ms. Kress stated it is.
Commissioner West moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11011.
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| 0 | 17. | Resolution | Resolution authorizing up to a $700,000 loan from the RACM Brownfield Revolving Loan Fund to Kin at Freshwater, LLC or an agreed upon affiliate to be used on the parcel located at 200 East Greenfield Avenue, Milwaukee, Wisconsin. | | | |
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| | 18. | | Resolution authorizing entering into a contract for planning, urban design, and market analysis services at the former Northridge Mall site in the City of Milwaukee, that will piggyback off the City of Milwaukee’s Department of Public Works’ master engineering and related consultant services contracts with Graef USA.
Minutes note: DCD Planner Kyle Gast stated Graef contributed to the 2018 Granville Strategic Plan. The company has a contract with the City’s Department of Public Works (DPW), through an RFP process, and this resolution would allow the Authority to piggyback off the DPW contract. Graef would utilize Baker and Tilly to be a subcontractor for market analysis. The Authority recently received a $100K grant from the WEDC for this work with an estimated contract to cost $125K. The WEDC grant requires a match that will come from the Authority’s Brownfield Revolving Loan Fund. The work is expected to be completed in 6 to 9 months.
Commissioner West moved for adoption of the resolution and it carried by a vote of 5 ayes - 0 nays (Commissioner Westmoreland left the meeting). Adopted resolution is No. 11012.
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| 0 | 19. | Resolution | Resolution authorizing entering into a contract for planning, urban design, and market analysis services at the former Northridge Mall site in the City of Milwaukee, that will piggyback off the City of Milwaukee’s Department of Public Works’ master engineering and related consultant services contracts with Graef USA. | | | |
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| | 20. | | Resolution authorizing an amendment to increase the amount of the contract for Landscape Maintenance services and Snow and Ice Removal services at the Century City Business Park.
Minutes note: Scott Stange of Contracts and Administration stated this amendment will extend the current contract with All Seasons Landscaping that was signed in April 2023 and was the result of a Bid in 2023. The first year of the contract was for $46,184 with the amendment to be the same for the second year. The source of the funds continues to be Century City rental income.
Commissioner West moved for adoption of the resolution and it carried by a vote of 5 ayes - 0 nays. Adopted resolution is No. 11013.
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| 0 | 21. | Resolution | Resolution authorizing an amendment to increase the amount of the contract for Landscape Maintenance services and Snow and Ice Removal services at the Century City Business Park. | | | |
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| | 22. | | Other Business | | | |
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| | 23. | | Adjournment
Minutes note: The meeting was adjourned at 3 p.m. Minutes created by David Misky. | | | |
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