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Nov 3, 2004

City Of Milwaukee Approves Sale Of Land For Harley-Davidson Museum Site

From a press release issued by Harley-Davidson:

HARLEY-DAVIDSON GAINS MUSEUM GREEN LIGHT

Milwaukee Common Council Approves Land Sale, Development Plans

MILWAUKEE (Nov. 3, 2004) – Harley-Davidson today reached a major milestone in plans to bring a world-class museum to its home town, as the Milwaukee Common Council approved the sale of 20 acres at 6th and Canal streets to the Company. In related actions, the Council approved property rezoning, site redevelopment guidelines and the creation of a Tax Incremental District.

"We are absolutely thrilled with this outcome and express our gratitude to the Milwaukee Common Council for its vote today," said Lara Lee, Harley-Davidson Vice President responsible for museum development. "We also appreciate the tremendous support we've had during this process from Mayor Barrett and from the greater Milwaukee community. Harley-Davidson is excited to be moving forward with its museum development in the Menomonee Valley."

Company plans call for a three-phase development. Phase 1 will consist of 110,000 sq. ft. for the museum and related facilities including a retail store, meeting rooms, banquet space and a restaurant, at an estimated cost of $60 million. Harley-Davidson plans to begin Phase 1 construction once the Milwaukee Department of Public Works facility currently located on the site is moved. The City of Milwaukee has committed to move the facility by February 28, 2006 and the museum is expected to be completed two years later. The Company's target is to open the museum to the public in 2008.

Subsequent phases envision the addition of the Harley-Davidson corporate archives, a restoration shop, additional exhibit space and other future development, for a total of 230,000 sq. ft. over all the phases and an estimated total investment of $95 million.

"The quality of the Harley-Davidson Museum experience will be first-class in every respect, creating life-long memories for visitors from around the world and generating significant economic benefits for Milwaukee," said Lee.

The Metropolitan Milwaukee Association of Commerce has estimated that the Museum will generate $78 million in annual spending to help grow the local economy and $12.3 million in annual state and local tax revenue. The Museum is estimated to draw 350,000 annual visitors.

More information on the Museum is available online at www.h-dmuseum.com.