Number
001590
Version
SUBSTITUTE 1
Reference
950276
Sponsor
ALD. D'AMATO
Title
Substitute resolution approving Amendment No. 1 to the Public Improvement Development and Maintenance Agreement for Business Improvement District No. 11 (East Brady Street Area Streetscaping Project).
Analysis
This substitute resolution approves Amendment No. 1 to the Public Improvement Development and Maintenance Agreement for the BID No. 11 Streetscaping Project. The amended Agreement will allow for additional public improvements to be made in said Streetscaping Project. It also authorizes disbursement of funds as a rebate to BID No. 11 for an overpayment of interest as a result of the original Agreement.
Body
Whereas, On September 28, 1993, the Common Council of the City of Milwaukee ("Common Council") via File No. 930854, created Business Improvement District No. 11 ("BID No. 11") and approved its first year Operating Plan; and
Whereas, Said Operating Plan calls for the Board and the City of Milwaukee ("City") to enter into an agreement to finance and install a mutually acceptable streetscape improvement project ("Project") for the District; and
Whereas, On July 14, 1995, the Common Council via File No. 950276, approved the Public Improvement Development and Maintenance Agreement ("Agreement") for BID No. 11 (East Brady Street Area Streetscaping Project); and
Whereas, It is necessary to amend said Agreement in accordance with the Term Sheet, a copy of which is attached to this Common Council File, to allow for additional public improvements to be made in the Project area and to allow for the disbursement of funds as a rebate to BID No. 11 for an overpayment of interest as a result of the original Agreement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the appropriate City officials are authorized and directed to enter into Amendment No. 1 to the Public Improvement Development and Maintenance Agreement for BID No. 11; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the amount of $17,112 from the Neighborhood Commercial District Street Improvement Fund, No. 9990-ST0400000000, to the Improvements By BID No. 11 Account, No. 1910-ST04080305; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of the Department of City Development, is authorized and directed to establish the appropriate subaccounts and any and all guidelines necessary to maintain fiscal control to carry out the intent and purpose of this resolution, public way improvements associated with the BID No. 11 East Brady Street Area Streetscaping Project.
Drafter
DCD:RFM:rfm
03/09/01