City of Milwaukee - File #: 071222

• File #: 071222
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 12/11/2007
• In control: PUBLIC WORKS COMMITTEE
• Final action: 1/15/2008
• Title: Resolution authorizing the Department of Public Works to enter into a multi-year agreement with Milwaukee Hotel Associates, LLC, to lease parking spaces in the City-owned parking structure at 724 North 2nd Street and Plankinton Avenue.
• Sponsors: ALD. BAUMAN
• Indexes: AGREEMENTS, PARKING, PARKING REGULATIONS

Date	Ver.	Action By	Action	Result	Tally
1/23/2008	0	MAYOR	SIGNED
1/15/2008	0	COMMON COUNCIL	ADOPTED	Pass	14:0
1/3/2008	0	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearances by: Dorinda Floyd, Administrative Services Director, Department of Public Works Craig Kammholz, Director of Financial Services, Comptroller's Office	Pass	4:0
12/17/2007	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
12/11/2007	0	COMMON COUNCIL	ASSIGNED TO

Number

071222

Version

ORIGINAL

Reference

070560

Sponsor

ALD. BAUMAN

Title

Resolution authorizing the Department of Public Works to enter into a multi-year agreement with Milwaukee Hotel Associates, LLC, to lease parking spaces in the City-owned parking structure at 724 North 2^nd Street and Plankinton Avenue.

Analysis

This resolution authorizes the Department of Public Works to enter into a multi-year agreement with Milwaukee Hotel Associates, LLC, to lease parking spaces in the City-owned parking structure at 724 North 2^nd Street and Plankinton Avenue.

Body

Whereas, Milwaukee Hotel Associates, LLC, approached the Department of Public Works seeking a multi-year agreement to lease parking spaces in the City-owned parking structure at 724 North 2^nd Street and Plankinton Avenue to accommodate a redevelopment of the Posner Building located at 152 West Wisconsin Avenue; and

Whereas, Milwaukee Hotel Associates, LLC, is proposing an investment of $21 million to purchase the Posner Building and to renovate a portion of the building into a 160-unit mid-scale hotel as well as to redevelop the first floor into retail and restaurant space; and

Whereas, The term of the lease is for 25 years per the request of Milwaukee Hotel Associates, LLC, to meet the requirements of the lender and hotel franchisor; and

Whereas, The Department of Public Works through its management contractor will make parking spaces available in the amount and timeframe requested and provided for in the agreement; and

Whereas, The rate charged for hotel guest parking is based on the average market rate charged to hotel patrons self-parked at comparable hotels as determined by the City; and

Whereas, Milwaukee Hotel Associates, LLC, is required to deliver to the City a certificate of occupancy for the hotel by the date prescribed in the agreement and failure to do so would result in the City terminating the agreement; and

Whereas, Due to the tax-exempt status of the bonds issued for capital improvements of the parking structure, the City Comptroller will consult with bond counsel to determine if the tax-exempt status of the bonds are at issue and if so, work cooperatively with the Department of Public Works to develop and implement a least-cost financing option to issue and/or pay debt for capital improvements; and

Whereas, By Common Council File Number 070560, adopted on July 31, 2007, the Department of Public Works is directed to submit each multi-year lease agreement to the Common Council for review and approval; now, therefore, be it

Resolved, By the Common of the City of Milwaukee, that the Common Council authorizes the Department of Public Works to enter into a multi-year agreement with Milwaukee Hotel Associates, LLC, to lease parking spaces in the City-owned parking structure located at 724 North 2^nd Street and Plankinton Avenue.

Requestor

Department of Public Works

Drafter

LRB07589-1

TWM/sd

12/5/2007