NUMB:
000001
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution approving a Dockwall Development Loan Agreement with the Board of Business Improvement District No. 2 in the 4th Aldermanic District.
ANLS:
- Analysis -
This substitute resolution approves a Dockwall Development Loan Agreement in the amount of $500,000 with the Board of Business Improvement District No. 2. This substitute resolution authorizes the City Attorney to prepare the Agreement in accord with the Term Sheet approved by this file and authorizes the proper City officials to execute the Agreement on behalf of the City of Milwaukee.
BODY:
Whereas, Various dockwalls on the east bank of the Milwaukee River between East Clybourn Street and North Water Street are deteriorated and in need of reconstruction; and
Whereas, The Board of Business Improvement District No. 2 is undertaking a riverwalk project which necessitates the reconstruction of said dockwalls in advance of the construction of the riverwalk; and
Whereas, The Board of Business Improvement District No. 2 has requested that the City of Milwaukee provide funds in the amount of $500,000 for the reconstruction of said dockwalls and which will be repaid through special assessments levied by the Board against properties within the District; and
Whereas, The Common Council desires to enter into a Dockwall Development Loan Agreement with the Board of Business Improvement District No. 2; 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 a Dockwall Development Loan Agreement with the Board of Business Improvement District No. 2 for the reconstruction of dockwalls on the east bank of the Milwaukee River between East Clybourn Street and North Water Street which is consistent with the Term Sheet, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the City Attorney's Office, in cooperation with the Commissioner of City Development, is directed to draft a Dockwall Development Loan Agreement which is consistent with said Term Sheet and is mutually acceptable to the City Attorney, the Commissioner of City Development and the Board of Business Improvement District No. 2; and, be it
Further Resolved, That the City Comptroller is authorized and directed to provide the sum of $500,000 from the Development Fund, No. 0339-9990-UR03390000, to provide said funds to the Development Fund Parent Account, No. 0339-1910-UR03390000, for the Department of City Development to implement said project; and, be it
Further Resolved, That the City Comptroller is authorized and directed to establish any and all project/grant accounts necessary to carry out the intent and purpose of this resolution; 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 carry out the intent and purpose of this resolution.
ZDPT:
DFTR:
DCD:MJW:mjw
05/11/00