Common Contracts

Substitute Term Sheet

November 2nd, 2009

• Filed
  November 2nd, 2009

Project: The City of Milwaukee will fund two project loans to assist with the development of the Moderne mixed-use project located at the southwest corner of Juneau Avenue and Old World Third Street in the Park East Corridor. The loans will be funded from borrowing supported by the Park East Tax Increment District (“TID”). The Moderne Project (“Project”) is a 30-story high-rise structure containing: 14 for-sale condominium units; 203 for-rent apartment units;204 above ground, structured parking spaces; and 7,230 Square feet of street level retail Total Project costs are estimated at $55.2 million. Developer/ Borrower: Milwaukee Moderne, LLC, a Wisconsin limited liability company, managed by Rick Barrett. Zoning/Design Review: The Project is within the Park East Redevelopment Boundary/RED Zoning and is subject to, and being developed in accordance with, the standards required by these regulatory documents. Development Schedule: Construction shall commence by June 1, 2010. The D