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Resolution approving a term sheet with MSP Real Estate, Inc. to construct affordable multi-family and senior apartments at Burleigh Triangle
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WHEREAS, MSP Real Estate, Inc. has proposed a project that will consist of a total of 80 apartment units in two separate four story buildings that will include family, senior and affordable housing and has requested tax incremental financing assistance for site preparation, demolition, construction, and related costs associated with that site; and
WHEREAS, the Financial Affairs Committee has considered the financial viability of providing assistance to promote the development of the Project on this site and has recommended an offer of financial terms for such assistance which are described on the Term Sheet attached hereto and incorporated herein; and
WHEREAS, the Financial Affairs Committee has also recognized that the provision of such financial assistance is anticipated by the approved Project Plan for Tax Incremental District Number 7 in the City of Wauwatosa, and implementation of this portion of the Project Plan will serve to promote further development in this area of the City of Wauwatosa; and
WHEREAS the provision of such assistance to the Project will aid the City of Wauwatosa in addressing the acknowledged needs for low to moderate income or workforce housing, senior housing and housing which is otherwise accessible for persons with disabilities;
NOW, THEREFORE, BE IT RESOLVED THAT the proposal for development assistance described in the attached Term Sheet for multi-family and senior apartments at Burleigh Triangle for the purpose of site preparation, demolition, construction, and related costs associated with development on the site located in the City of Wauwatosa, is hereby approved; and
BE IT FINALLY RESOLVED THAT the appropriate City officials are hereby authorized to draft and execute a Development Agreement with MSP Real Estate, Inc. or a related party, which incorporates the financial terms and is substantially similar to the attached Term Sheet, as well as approved development plans.
By: Financial Affairs Committee
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Recommendation: Approve 7-0
The Common Council may convene into closed session regarding this item pursuant to Wis. Stat. §19.85 (1)(e), to deliberate or negotiate the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session. The Common Council may reconvene into open session to consider the balance of the agenda.