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File #: 23-959    Version: 1 Name:
Type: Resolution-Council Status: Withdrawn
File created: 3/3/2023 In control: Common Council
On agenda: 3/7/2023 Final action: 3/7/2023
Title: Resolution approving terms for a Development Agreement with Brookfield Properties regarding future redevelopment of the former Boston Store parcel located at 2400 North Mayfair Road, Wauwatosa
Related files: 23-566

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Resolution approving terms for a Development Agreement with Brookfield Properties regarding future redevelopment of the former Boston Store parcel located at 2400 North Mayfair Road, Wauwatosa

 

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WHEREAS, the Wauwatosa Community Development Authority ("CDA") purchased the parcel containing the former Boston Store located at 2400 North Mayfair Road in Wauwatosa in 2022; and

 

WHEREAS, the City and the CDA have a mutual interest in redeveloping the parcel in such a way as to retain the future value and viability of Mayfair Mall, while utilizing this opportunity to substantially increase the taxable value of the parcel as a whole in order to benefit the taxpayers of the City of Wauwatosa; and

 

WHEREAS, the Financial Affairs Committee has considered in closed session the terms of a possible Development Agreement with Brookfield Properties, the owner of Mayfair Mall, and its redevelopment affiliate, which would accomplish the above goals while also protecting the City and the CDA from future liability in the event of changes in economic circumstances; and

 

WHEREAS, the Financial Affairs Committee reviewed the confidential terms proposed for a transaction between the City, CDA and Brookfield Properties, and the committee provided further direction to City staff in closed session regarding the terms which would be acceptable in moving forward with the redevelopment of the former Boston Store parcel;

 

NOW, THEREFORE, BE IT RESOLVED THAT the confidential proposed terms for a Development Agreement between the City of Wauwatosa, the Wauwatosa Community Development Authority, Brookfield Properties and its redevelopment affiliates, as reviewed in closed session with the Committee on Financial Affairs at its meeting of February 28, 2023, are deemed to be appropriate for moving forward toward execution of a final Development Agreement for redevelopment of the parcel as described above, with modifications and parameters outlined to staff in the confidential closed session; and

 

BE IT FURTHER RESOLVED THAT staff are hereby authorized to continue negotiation with representatives of Brookfield Properties regarding the redevelopment described above, consistent with the parameters and direction provided to staff during that closed session; and

 

BE IT FURTHER RESOLVED THAT appropriate City officials are hereby authorized at a future date to execute a Development Agreement between the City of Wauwatosa, the Wauwatosa Community Development Authority, Brookfield Properties and its redevelopment affiliates, with terms which shall be substantially similar to and consistent with the terms and parameters discussed in closed session at the above-described meeting on February 28, 2023; and

 

BE IT FINALLY RESOLVED THAT staff are directed to return to the committee and council for further approval of the Development Agreement in the event that the terms and conditions are not substantially consistent with the terms and parameters discussed previously, including the directions provided by the committee and the Common Council of the City of Wauwatosa.

 

 

 

By: Financial Affairs Committee

 

recommendation

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.