NUMB:
980207
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution authorizing the proper City officials to enter into a Second Amendment to the Restated Parking Garage Lease and Management Agreement and to the Restated Prime Parking Garage Lease for the Grand Avenue Parking Garage.
ANLS:
- Analysis -
This substitute resolution will revise the rate schedule that the City previously adopted for the Grand Avenue Parking Garage. The new rates reflect parking opportunities not previously referenced in the rate schedule. They include rooftop, early-bird rates, as well as hotel parking rates for the proposed Courtyard by Marriott Hotel project. The rate structure will further allow for visitors to the YMCA facility in the John Plankinton Building to receive discounted parking identical to those individuals that receive shopper validations within the Shopping Center. The Second Amendment also changes the parking structures which are used to compare monthly parking rates from the All-Right Garage at North Plankinton and West Michigan Avenues, the Federal Building Garage at 757 North 3rd Street, the parking structure located at 330 East Wells Street, and the Colby-Abbot Garage located at 767 North Milwaukee Street, to a group of garages consisting of the Hilton Garage located on North 5th Street, the City Garage located on North Plankinton Avenue, the All-Right Garage located on North Plankinton and West Michigan Avenues, and the Federal Building Garage located at 757 North 3rd Street.
BODY:
Whereas, The City of Milwaukee ("City") is the owner of two parking structures adjacent to and connecting to the Grand Avenue Shopping Center; and
Whereas, On July 1, 1982, the City and the Redevelopment Authority of the City of Milwaukee entered into the Restated Prime Parking Garage Lease ("Prime Agreement"), which authorized the Redevelopment Operating Entity Corporation ("ROEC"), which is also a party to said Prime Agreement, to lease the structures to an Operator (Rouse-Milwaukee Garage Maintenance, Inc.) under the terms and conditions set forth in the Prime Agreement; and
Whereas, On July 1, 1982, ROEC and the Operator entered into the Restated Parking Garage Lease and Management Agreement ("Agreement") pursuant to which the Operator subleased and agreed to manage the Grand Avenue Parking Garage ("Garage"); and
Whereas, The Agreement and Prime Agreement were amended in a Revised First Amendment to Both Agreement and Prime Agreement ("First Amendment") dated December 31, 1990; and
Whereas, The parties to the Agreements recognize the need to revise the rate schedule to reflect previously unanticipated rate structures, revise the list of parking structures which would be used to compare monthly parking rates, and to provide for a special rate structure for patrons at the YMCA facility in the John Plankinton Building; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to enter into a Second Amendment to Both the Agreement and Prime Agreement, a copy of which is attached to this Common Council File.
ZDPT:
DFTR:
DCD:DM:gew
06/01/98