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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, the proposed development represents an estimated $6.4 million private investment and is projected to generate approximately $5,200,000 in new taxable value; and
WHEREAS, an independent financial analysis conducted by Robert W. Baird & Co. 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; and
WHEREAS, the Pay-As-You-Go structure ensures that any financial assistance is contingent upon the actual generation of tax increment, thereby limiting financial risk to the City;
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 with a present value not to exceed $894,398 and total payments not to exceed the amount set forth therein, 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 t...
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