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Approval of contract with Prism Technical for the creation and monitoring of a Procurement Equity Participation Plan (Participation Plan) for the Barrett Lo Visionary Development (Barrett Lo) multi-unit residential proposal, in an amount not to exceed $227,585.00
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Submitted by:
John Ruggini
Department:
Finance Department
A. Issue
The Procurement Equity Policy requires Tax Increment Financing projects include required Disadvantaged Business Enterprise (DBE) and Distressed Zip Code hiring inclusion. A contract with Prism Technical for the creation and monitoring of a Participation Plan to facilitate meeting this policy for the Barrett Lo Visionary Development multi-unit residential project at the Mayfair Mall is recommended for approval.
B. Background/Options
A. Issue
The Procurement Equity Policy requires Tax Increment Financing projects include required Disadvantaged Business Enterprise (DBE) and Distressed Zip Code hiring inclusion. A contract with Prism Technical for the creation and monitoring of a Participation Plan to facilitate meeting this policy for the Barrett Lo Visionary Development multi-unit residential project at the Mayfair Mall is recommended for approval.
B. Background/Options
The City of Wauwatosa received an application from Barrett Lo for financial assistance through Tax Increment Financing (TIF) to assist with financing a portion of the eligible costs related to the construction of an approximate 463-unit apartment complex at the Mayfair Mall. Construction is scheduled to begin in late 2025 and last 30-36 months.
Included in the proposed term sheet is the requirement that the Developer hire or sub-contract with firms registered as Disadvantaged Business Enterprises with Milwaukee County or the State of Wisconsin Department of Transportation to complete 25% of the construction and professional services work. In addition, the developer is required to set a goal of hiring 25% of their additional construction work force fr...
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