NUMB:
980858
VERS:
SUBSTITUTE 2
REF:
XXBY:
ALD. KALWITZ, PRATT, FRANK, MURPHY AND PAWLINSKI
TITL:
Substitute resolution approving an agreement to contribute $18 million for parking-related infrastructure improvements for Miller Park.
ANLS: This resolution authorizes and directs the appropriate City officials to enter into an Infrastructure Funding Agreement and an Assignment Agreement with the Southeast Wisconsin Professional Baseball Park District for purposes of providing $18 million for parking-related infrastructure improvements at Miller Park.
BODY:
Whereas, Pursuant to the Memorandum of Understanding for the Milwaukee Stadium Project, dated August 19, 1995, representatives of the City of Milwaukee anticipated contributing $18 million to the estimated $72 million of infrastructure work associated with the development of Miller Park; and
Whereas, As set forth in the Memorandum, this infrastructure payment may be a combination of out-of-pocket and in-kind contributions, and must be to the mutual satisfaction of all parties of the Memorandum; and
Whereas, With the adoption of Common Council Resolution File No. 960619 on July 30, 1996, the City entered into a Cooperation Agreement with the Redevelopment Authority of the City of Milwaukee ("RACM") and the Milwaukee Economic Development Corporation ("MEDC"), through which the City agreed to provide MEDC with $15 million, and MEDC agreed to lend this amount to the Milwaukee Brewers Baseball Club Limited Partnership ("Brewers"), for the purposes of assisting the Brewers to finance a portion of their contribution to the construction cost of Miller Park; and
Whereas, The City now wishes to make its contribution to the infrastructure cost of Miller Park from the following two sources:
1) An assignment of the $15 million Note from the Brewers and the payments due thereon from MEDC to the District, which payments have a present value of not less than $12 million;
2) The issuance of general obligation borrowing, which net of an interest credit of $130,840, totals $5,869,160; and
Whereas, The City's debt service cost resulting from the assignment of the $15 million Note and the issuance of $5,869,160 in general obligation borrowing will be supported by revenues from the Parking Fund; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that payment of the City's contribution to the Miller Park infrastructure cost shall be made to the District in the manner as set forth above; and, be it
Further Resolved, That the Infrastructure Funding Agreement and the Assignment Agreement annexed to the file be and hereby are approved and the proper City officers be and hereby are authorized and directed to execute same on behalf of the City; and, be it
Further Resolved, That the MEDC Board and the RACM Board, in particular, be requested to take action in this regard by November 19, 1998.
DFTR:
Budget and Management Division
Ref: 95050, LJE:cei
November 11, 1998
FINANCE: 980858r2.doc