Number
241269
Version
ORIGINAL
Reference
141662
Sponsor
ALD. BAUMAN
Title
Resolution approving a third amendment of a lease agreement between the Marcus Center for the Performing Arts, Inc. and the City of Milwaukee.
Analysis
This resolution approves a third amendment of a lease agreement between the Marcus Center for the Performing Arts, Inc. and the City of Milwaukee. The amendment extends the lease term of the existing ground lease for the parking structure for the Marcus Center for the Performing Arts at 1001 North Water Street and allows for the termination of the lease when the proposed redevelopment of the site moves forward.
Body
Whereas, On February 5, 1969, the City of Milwaukee and Milwaukee County War Memorial Center, Inc. entered into a ground lease agreement concerning the property on which the parking structure for the Marcus Center for the Performing Arts currently sits, which lease was amended by City and Milwaukee County War Memorial Center, Inc., on July 26, 1985; and
Whereas, Milwaukee County War Memorial Center, Inc. assigned its interest in the ground lease to Marcus Center for the Performing Arts, Inc. ("Marcus"), its successor; and
Whereas, In 2015, Marcus requested from the City an amendment to the ground lease in order to extend the term of the ground lease to accommodate financing for certain repairs and maintenance Marcus intends to undertake on the parking structure; and
Whereas, Common Council File Number 141662, adopted March 5, 2015, extended the term of the lease for 3 years so that it expired on December 31, 2022, with an automatic renewal for an additional two years unless either party objects to such renewal; and
Whereas, In September, 2023, the City of Milwaukee issued a Request for Proposal for the redevelopment of the 2.45-acre parcel at 1001 North Water Street where the parking structure for the Marcus Center for the Performing Arts currently sits; and
Whereas, The Neutral Project, a Madison-based real estate development company, is pursuing a $700 million multi-building complex at 1001 North Water Street; and
Whereas, The City desires to allow Marcus to continue to use the parking structure until the redevelopment project at 1001 North Water Street is ready to move forward; and
Whereas, The attached Third Amendment of Lease Agreement will allow the City to terminate the lease when the redevelopment project moves forward while giving Marcus sufficient time to move its parking operations and season ticket parkers to another location; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Third Amendment of Lease Agreement Between City of Milwaukee and Marcus Center for the Performing Arts, Inc. is approved; and, be it
Further Resolved, That the appropriate City officials are authorized to execute the Third Amendment of Lease Agreement Between City of Milwaukee and Marcus Center for the Performing Arts, Inc.
Requestor
DPW-Parking
Drafter
LRB 180372-1
Kathleen Brengosz
11/26/2024