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Home / Today's News / Moderne loan decision delayed until Nov. 3 (4:13 p.m. 10/27/09)

Moderne loan decision delayed until Nov. 3 (4:13 p.m. 10/27/09)

By Sean Ryan

sean.ryan@dailyreporter.com

A Milwaukee Common Council committee on Tuesday delayed a decision on the proposed loan to the Moderne project to amend the agreement with the building’s developer.

The unanimous decision will delay a vote by the Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee until its meeting on Nov. 3. The city is considering giving a $9.3 million loan to the $55.2 million Moderne high-rise, which will have 203 apartment units, 14 condominiums and retail space.

The project is located on the corner of Old World Third Street and Juneau Avenue.

But, after hearing concerns about the risk the city would accept with the loan, the committee voted unanimously to amend the loan deal. The deal will be revised to include more financial protection for the city and stronger requirements that contractors on the project hire local workers.

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