NUMB:
991559
VERS:
ORIGINAL
REF:
920132
XXBY:
ALD. HENNINGSEN
TITL:
Resolution approving Amendment No. 2 to the Cooperation Agreement for the 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project. (DCD)
ANLS:
- Analysis -
This resolution approves an amendment to the Cooperation Agreement for the 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project. This resolution also increases the project budget by $700,000 to $2,255,000 and authorizes expenditures for economic development purposes in the river area of the Historic Third Ward in accordance with paragraph 3 of the Cooperation Agreement. Of this amount, $1.7 million will be repaid to the City through special assessments.
BODY:
Whereas, The Redevelopment Authority of the City of Milwaukee ("Authority") with the cooperation of the City of Milwaukee ("City") has undertaken to develop and carry out a blight designation project known as 511 East Menomonee Street and 151 North Jackson Street ("Project"); and
Whereas, The Authority and the City have entered into a Cooperation Agreement dated February 28, 1991 and approved by the Authority under Resolution No. 7681 and the Common Council under File No. 901573; and
Whereas, The Authority and the City have entered into an amendment to the Cooperation Agreement dated October 1, 1994 and approved by the Authority under Resolution No. 7954 and the Common Council under File No. 920132; and
Whereas, The Common Council desires to enter into a second amendment to the Cooperation Agreement to more clearly define the expenses and revenues associated with the disposition of the property at 511 East Menomonee Street, including recognizing the obligations of the Authority to Wisconsin Gas Company and to permit the Authority to expend project proceeds for economic development purposes in accordance with paragraph 3 of the Cooperation Agreement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to draft, in cooperation with the Redevelopment Authority, and execute an Amendment No. 2 to the Cooperation Agreement for the 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project to incorporate the budget, a copy of which is attached to this Common Council File as Exhibit A; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the sum of $208,000 from the Development Fund Account No. UR03390000 to the budget line 0339-1910-UR03390000 for the purpose of funding this activity; and, be it
Further Resolved, That the Authority is authorized to make expenditures in an amount not to exceed $1,850,000 for Riverwalk related projects in the following manner:
Contract with BID No. 2 for Dockwall work - $1,150,000
Contract with Milwaukee Institute of Art and Design ("MIAD") and BID No. 2 for Riverwalk - $700,000
; and, be it
Further Resolved, That the expenditure of $1,850,000 is approved on the condition that the sum of $1,700,000 be repaid through special assessments levied by BID No. 2 and outlined in a future agreement(s) between the City, MIAD, and BID No. 2 and BID No. 2 Operating Plans; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide such assistance to the Department of City Development as is necessary to further the intent and purpose of this resolution.
ZDPT:
DFTR:
DCD:MJW:mjw
01/18/00/A