Number
020740
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving the 130 South Water Street Riverwalk Development Agreement in the 12th Aldermanic District. (DCD)
Analysis
This resolution approves the 130 South Water Street Riverwalk project. It also approves the expenditure of up to $249,000 from the Development Fund to cover 50 percent of the cost of the construction of this riverwalk on the private development land and 100 percent of the cost of the riverwalk on the public street right-of-way connection to the south approach to the Water Street Bridge.
Body
Whereas, Walker's Point LLC (the "Developer") is the owner of certain property located at 130 South Water Street, Milwaukee, Wisconsin (the "Property"); and
Whereas, The Property fronts on the south bank of the Milwaukee River at South First Street; and
Whereas, The Developer is desirous of undertaking the construction of a riverwalk (the "Improvement") adjacent to its building on the Property; and thereafter, the Developer will maintain and operate the Improvement, including making the Improvement available for use by members of the general public; and
Whereas, The Improvement will constitute a portion of the overall riverwalk system which is intended to eventually cover a good portion of the Milwaukee River flowing through the City of Milwaukee (the "City"); and because of the Developer's willingness to make the Improvement available to members of the public, the Improvement will serve the public purpose of affording members of the public the opportunity to more fully enjoy the valuable river resource; and
Whereas, Because the public purpose is served by the construction and operation of the Improvement, the City is willing to make a grant to the Developer in an amount not to exceed $249,000 (the "City Grant") to be used by the Developer to fund 50 percent of the cost of constructing the Improvement on the Developer's private property and 100 percent of the cost of the riverwalk on the public street right-of-way connection to the south approach to the Water Street Bridge; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute the 130 South Water Street Riverwalk Development Agreement, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer $249,000 from the Development Fund Account No. UR033010000 to the appropriate Segment Account No. UR03393900 130 South Water Street Riverwalk for purposes of funding these activities; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of City Development, is authorized and directed to establish any and all subaccounts in accordance with generally accepted accounting practices consistently applied and City guidelines necessary to maintain the fiscal control required to carry out the intent and purpose of this resolution; and, be it
Further Resolved, That the City Attorney, in conjunction with the Commissioner of City Development, is authorized to make nonsubstantive technical changes to the subject Agreement; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide such assistance as is necessary to further the intent and purpose of this resolution.
Drafter
DCD:MJW:mjw
09/04/02/A