Title
Resolution to consider a Development Agreement by and between Chr. Hansen, Inc. and the City of West Allis
Body
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") wishes to encourage economic development, eliminate blight, expand the City's tax base and foster job creation for the City of West Allis (the "City") through the development of the Property; and,
WHEREAS, the Authority recommended for consideration a Development Agreement by and between Chr. Hansen, Inc., through Resolution No. 1329 dated October 8, 2019; and,
WHEREAS, Chr. Hansen, Inc. (the "Developer") owns certain real property and improvements located at 9015 West Maple Street in the City of West Allis, Wisconsin, as legally described on Exhibit A attached hereto (the "Property"). For the foreseeable future, Developer seeks to make the Property its U.S. Headquarters for its global bioscience company, including development and production of cultures, enzymes and probiotics as well as business operations to support the same; and,
WHEREAS, as of January 1, 2020, the City intends to create a Tax Incremental District including the Property (the "District") pursuant to Wis. Stat. sec. 66.1105 (the "Tax Increment Law") and to adopt a Project Plan for such District to encourage redevelopment and expansion at the Property; and,
WHEREAS, subject to obtaining the benefits set forth herein, Developer intends to invest Nine to Eighteen Million Dollars ($9,000,000-$18,000,000) to construct an approximately 20,000 square foot building addition ("Phase I") and a substantial additional multimillion dollar investment to construct additional buildings and/or building additions ("Phase II") (collectively, the "Project"). In connection with constructing the Project, Developer also intends to add approximately 100 full-time equivalent positions on the Property; and,
WHEREAS, the City desires to encourage economic deve...
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