Number
081717
Version
SUBSTITUTE 1
Reference
071392, 060578
Sponsor
ALD. KOVAC
Title
Substitute resolution approving the First Amendment to the Milwaukee River Hotel LLC Riverwalk Development Agreement and authorizing expenditures to include the RSMeans Industry Index cost-adjustment and authorizing the Developer the option to invoice for the Riverwalk Improvement once every 30 days, in the 3rd Aldermanic District.
Analysis
This substitute resolution approves the First Amendment to the Milwaukee River Hotel LLC Riverwalk Development Agreement and an increase in funding for TID No. 48.
Body
Whereas, The City of Milwaukee (“City”) via adoption of Common Council File No. 071392 on April 9, 2008, approved the Milwaukee River Hotel LLC Riverwalk Development Agreement dated as of October 1, 2008 (“Agreement”), with Milwaukee River Hotel LLC (“Developer”) and the Redevelopment Authority of the City of Milwaukee (“RACM”); and
Whereas, Said Agreement established the standards, rules, procedures and cost sharing for construction of the Riverwalk; and
Whereas, The City, RACM and the Developer now desire to enter into a First Amendment to the Agreement to provide for the following:
1. Implement an adjustment cost index, specifically the RSMeans, per Common Council File No. 060578, for the time period between adoption of the Riverwalk Policy (October 2006) and approval of the Term Sheet for the Project (April 2008), which increases the overall project budget by $29,232, with such increase to be paid from Tax Incremental District (“TID”) No. 48.
2. Allow the Developer to submit payment/reimbursement applications up to once per month, as costs are incurred rather than upon completion of the Project.
; and
Whereas, The City is willing to provide the Developer with up to an additional $29,232 in funds from TID No. 48 to finance the cost of the RSMeans adjustment; and
Whereas, Funds authorized to date for TID No. 48 are in the amount of $21,213,046, plus capitalized interest, which will now be increased to $21,242,278, plus capitalized interest; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the TID No. 48 expenditure limit is established at $21,242,278, plus capitalized interest; and, be it
Further Resolved, That such additional project costs relate directly to promoting development consistent with the City’s Master Plan and with the purposes for which the TID was created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes; and, be it
Further Resolved, That the City Comptroller is directed to transfer the sum of $29,232, plus 10 percent capitalized interest, from the Parent TID Account No. TD0488000, raising the Project Account to $21,242,278, plus capitalized interest, for the purpose of providing funds necessary to implement the Project Plan; and, be it
Further Resolved, That the proper City officials are authorized to execute the First Amendment to the Milwaukee River Hotel LLC Riverwalk Development Agreement, 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 authorized to make such further minor modifications to said First Amendment that are consistent with the intent and purpose of this resolution and which are mutually acceptable to the City Attorney, the Commissioner of City Development, RACM and Milwaukee River Hotel LLC.
Drafter
DCD:AR:TOG:ar
05/13/09
Clerical correction -- jro -- 05/19/09