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Resolution approving term sheet for tax incremental financing with JJH3Group LLC for a multi-family development located at 7746 Menomonee River Parkway
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WHEREAS, JJH3Group LLC (the "Developer") has proposed a 14-unit multi-family residential development at 7746 Menomonee River Parkway, consisting of townhouse and apartment units; and
WHEREAS, the property is owned by the Wauwatosa Community Development Authority and is proposed to be incorporated into Tax Incremental District No. 11 ("TID 11"); and
WHEREAS, the Developer has requested Tax Increment Financing assistance in the form of a Pay-As-You-Go Municipal Revenue Obligation ("MRO"), funded from tax increment generated by the project within TID 11; and
WHEREAS, an independent financial analysis supports the financial feasibility of the project and the reasonableness of the requested assistance; and
WHEREAS, the Common Council finds that the project will advance the City's economic development and housing goals.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Wauwatosa that the Term Sheet between the City and JJH3Group LLC for Tax Increment Financing assistance, including a Pay-As-You-Go Municipal Revenue Obligation, is hereby approved; and
BE IT FURTHER RESOLVED that the appropriate City officials are hereby authorized to negotiate and execute final agreements consistent with the approved Term Sheet and to take all actions necessary to implement the project, including incorporation of the property into TID 11.
By: Financial Affairs Committee
recommendation
Recommendation: Approve 6-1
The 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 Council may reconvene into open session to consider the balance of the a...
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