NUMB:
971722
VERS:
ORIGINAL
REF:
970388
XXBY:
THE CHAIR
TITL:
Resolution approving the Riverwalk Development Agreement for Business Improvement District No. 2 in the 4th Aldermanic District. (DCD)
ANLS:
- Analysis -
This resolution approves a Riverwalk Development Agreement which implements the Third Ward Riverwalk Project in Tax Incremental District No. 34. This resolution also authorizes the execution of the Agreement and transfers funds necessary to implement the Project in accord with the TID No. 34 Project Plan.
BODY:
Whereas, Common Council File No. 870501, adopted October 6, 1987, created Business Improvement District No. 2 ("BID No. 2") and approved its initial Operating Plan; and
Whereas, Common Council File No. 970388, adopted September 23, 1997, created Tax Incremental District No. 34 ("TID No. 34"), Historic Third Ward Riverwalk, and adopted a Project Plan for said tax incremental district; and
Whereas, Common Council File No. 961650, adopted March 4, 1997, provided funds in the amount of $160,000 for streetscape improvements on East Buffalo Street prior to the creation of TID No. 34, but within the boundaries of the district; and
Whereas, The Project Plan contemplates the development of a riverwalk system along the east bank of the Milwaukee River in a portion of the Historic Third Ward comprised of individual riverwalks located on publicly and privately held parcels of land and/or rights of way adjacent to the Milwaukee River described as Private Project Segments or as City Segments; and
Whereas, The Project Plan further contemplates that the Board of BID No. 2 will be responsible for overseeing the design and construction of the Riverwalk Project, including the City Segments; and
Whereas, The costs of design and construction of the Riverwalk Project will be funded by the City of Milwaukee, partly in the form of a grant and partly in the form of a loan, repayment of said loan to be made through special assessments by the Board of BID No. 2 to the assessable properties located within BID No. 2; and
Whereas, The current Operating Plan for BID No. 2, Exhibit A to the Riverwalk Development Agreement, authorizes the Board to enter into said Riverwalk Development Agreement, a copy of which is attached to this Common Council File, for the purpose of carrying out the development of the Riverwalk System in accordance with the Project Plan for TID No. 34; and
Whereas, The Common Council desires to implement the Project Plan for TID No. 34 and enter into the Riverwalk Development Agreement for BID No. 2; now, therefore, be it
Resolved, By the Common Council of the City Milwaukee that the Riverwalk Development Agreement for Business Improvement District No. 2 is approved; and, be it
Further Resolved, That the proper City officials are authorized and directed to execute said Agreement on behalf of the City of Milwaukee; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the sum of $2,566,400 from Account No. 32-934-0001 established for TID No. 34; $688,800 from Account No. 31-641-0001 established as the BID portion of this Project; $680,000 from the Riverfront & Other Downtown Planning & Improvement Fund; and $110,000 from the Buffalo Street Streetscape Fund Account No. 31-618-1601; 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 any and all Subaccounts in accord with generally accepted accounting practices and City of Milwaukee guidelines necessary to implement the Riverwalk Development Agreement and maintain proper fiscal control; and, be it
Further Resolved, That the City Clerk is directed to forward a certified copy of this resolution to the Commissioner of the Department of City Development and the City Comptroller; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide all such assistance to carry out the intent and purpose of this resolution.
ZDPT:
DFTR:
DCD/MJW/mjg
02/03/98/A