Jeramey Jannene

The North End Phase Two Groundbreaking Photos

By - Feb 16th, 2012 03:54 pm
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Alderman Nik Kovac, WHEDA Executive Director Wyman Winston, DCD Commissioner Rocky Marcoux, Mandel Group CEO Barry Mandel, Governor Scott Walker, Federal Home Loan Bank of Chicago President Matthew Feldman, County Executive Chris Abele, and Mandel Group Senior Vice President Dick Lincoln

Alderman Nik Kovac, WHEDA Executive Director Wyman Winston, DCD Commissioner Rocky Marcoux, Mandel Group CEO Barry Mandel, Governor Scott Walker, Federal Home Loan Bank of Chicago President Matthew Feldman, County Executive Chris Abele, and Mandel Group Senior Vice President Dick Lincoln

A ceremonial groundbreaking took place at the corner of Pleasant and Water streets today for the Portrait and Silhouette buildings at The North End, collectively known as Phase Two of The North End. A number of public officials were on hand representing the large number of public funding sources required to get the project off the ground (or more aptly, in the ground) with the state of private financing for development.

Offering remarks and wielding (painted) gold shovels were Alderman Nik Kovac, WHEDA Executive Director Wyman Winston, DCD Commissioner Rocky Marcoux, Mandel Group CEO Barry Mandel, Governor Scott Walker, Federal Home Loan Bank of Chicago President Matthew Feldman, County Executive Chris Abele, and Mandel Group Senior Vice President Dick Lincoln. Other elected officials in attendance included were Alderman Bob Bauman, Alderwoman Milele Coggs, Alderman Willie Wade, Alderman Michael Murphy, and Comptroller Wally Morics.

Funding sources include a number of public funding sources. The largest is $26.2 million in “Midwest Disaster Area Bonds” issued by WHEDA and sold to private investors (increased from an initial $24 million to fill a funding gap), with support from the Federal Home Loan Bank of Chicago. In addition, the City of Milwaukee is providing two funding sources, a $4.63 million loan put forth by the Redevelopment Authority of the City of Milwaukee (RACM), and a $2.2 million grant from the Park East TID (#48). The grant is for street work, riverwalk construction, and other public improvements on the site.

Governor Walker included a positive comment towards Milwaukee in his remarks, “For Wisconsin to succeed, we need a strong Milwaukee, and for Milwaukee to succeed we need investments like this.”

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