Number
260503
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a first amendment to the Ground Lease between the Redevelopment Authority of the City of Milwaukee and the Board of Regents of the University of Wisconsin System Operating as the University of Wisconsin-Milwaukee for properties at 2185 North Prospect Avenue and 1925 East Kenilworth Place in the 3rd Aldermanic District.
Analysis
Body
Whereas, the Redevelopment Authority of the City of Milwaukee (“RACM”) issued $68,210,000 of Redevelopment Lease Revenue Bonds (“Bonds”) in March 2005 to fund the redevelopment of the University of Wisconsin-Milwaukee (“UWM”) Kenilworth Project (“Project”) at 2185 North Prospect Avenue and 1925 East Kenilworth Place, Milwaukee, Wisconsin
Whereas, in conjunction with the Bonds, RACM and the Board of Regents of the University of Wisconsin System Operating as the University of Wisconsin-Milwaukee (the “Landlord”) entered into a Ground Lease dated March 1, 2005 (the “Ground Lease”); and
Whereas, the term of the Ground Lease expires on April 30, 2071; and
Whereas, RACM and the Wisconsin Department of Administration, on behalf of Landlord, entered into that certain Operating Lease dated March 1, 2005 (the “Operating Lease”) for the UWM Parcel; and
Whereas, the term of the Operating Lease expires on October 1, 2036; and
Whereas, RACM and the Landlord now desire to enter into this First Amendment to match the expiration date of the Ground Lease to that of the Operating Lease; and
Whereas, RACM conducted a public hearing on the proposed Ground Lease amendment on July 16, 2026, as required by Wisconsin Statutes; now, therefore, be it
Resolved, By the Redevelopment Authority of the City of Milwaukee that the first amendment for the Ground Lease with the Board of Regents of the University of Wisconsin System Operating as the University of Wisconsin-Milwaukee for the properties at 2185 North Prospect Avenue and 1925 East Kenilworth Place is approved conditioned upon approval of the Ground Lease by the Common Council of the City of Milwaukee; and be it
Further Resolved, That the proper RACM officials, in consultation with the City Attorney's office, are authorized to make non-substantive changes to the lease, without further RACM action as necessary to achieve the intent of RACM’s action; and, be it
Further Resolved, That the Executive Director shall submit the Ground Lease to the Common Council and secure approval of any other regulatory bodies or agencies having jurisdiction in the matter.
Requestor
Drafter
David Misky July 17, 2026