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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 N. 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 and the Common Council on May 16, 2023, are deemed to be appropriate for execution of a final Development Agreement for redevelopment of the parcel as described above, with specific amendments as described to staff by the Common Council in closed session on May 16. 2023; 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 the May 16, 2023, closed session; and
BE IT FURTHER RESOLVED THAT appropriate City officials are hereby authorized to execute a Development Agreement between the City of Wauwatosa and 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 May 16, 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
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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.