Number
040852
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving a Development and Riverwalk Agreement for the Marine Terminal Lofts Project in the Erie/Jefferson TID No. 56 Project in the 4th Aldermanic District.
Analysis
This substitute resolution approves the Marine Terminal Lofts Riverwalk Project. This substitute resolution also approves the expenditure of up to $2,187,747 from Tax Incremental District No. 56 Project funds to cover up to 75 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 beneath the Broadway Bridge to the MIAD Riverwalk and at new North Milwaukee Street and North Jefferson Street.
Body
Whereas, Mandel Riverfront Holdings I LLC (the "Developer") is the owner of certain property located 100-120 North Broadway, the Marine Terminal Lofts, Milwaukee, Wisconsin (the "Property"); and
Whereas, The Property fronts on the north bank of the Milwaukee River south of the Broadway Bridge along East Erie 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 (exclusive of the portion beneath the Broadway Bridge), 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 $2,187,747 (the "City Grant") to be used by the Developer to fund 75 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 beneath the Broadway Bridge to the MIAD Riverwalk and at new North Milwaukee Street and North Jefferson Street; 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 Marine Terminal Lofts Development and Riverwalk Agreement, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the City Comptroller, in accord with the funds identified in the Tax Incremental District No. 56 Project Plan and 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
10/19/04