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Resolution approving a term sheet with Mandel Partners/Harlow & Hem Apartments LLC for the Harlow and Hem development at 7470 Blanchard Street
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WHEREAS, Harlow & Hem Apartments LLC, an entity associated with Mandel Partners, has proposed a residential development on land located at 7470 Blanchard Avenue, 1330 Wauwatosa Avenue, 7463 and 7483 Harwood Avenue, in the City of Wauwatosa, and has requested tax incremental finance assistance for site preparation, demolition, public parking, and costs related to construction of affordable housing units at 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 the provision of such financial assistance will be aided by the resources of Tax Incremental Finance District Number 11 in the City of Wauwatosa, which was created in order 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 identified in the previously-adopted Housing Study for low to moderate income or workforce 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 Harlow & Hem Apartments LLC for the purpose of site preparation, demolition, public parking, and costs related to construction of affordable housing units 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 Harlow & Hem Apartments LLC, or a related party, and all other associated documents and instruments required to implement the Term Sheet, which incorporates the financial terms and is substantially similar to the attached Term Sheet, as well as approved development plans.
By: Financial Affairs Committee
recommendation
Recommendation: Approve 6-2
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.