Number
061241
Version
SUBSTITUTE 1
Reference
060911
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving modification to scope of work for public infrastructure in Tax Incremental District No. 67 (The Brewery Project).
Analysis
This substitute resolution changes the scope of work for the public infrastructure at The Brewery Project to incorporate an innovative, ‘sustainable’ storm water management program and amends the terms of the Development Agreement to provide for funding from the City and the Brewery Project, LLC. Since the cost increase for this change is within the limits permitted by Section 304-93 of the Code of Ordinances and the Developer has agreed to absorb, thru direct funding or securing of grants, 80 percent of this cost, no additional funding need be appropriated.
Body
Whereas, With the adoption of File No. 060911 on December 12, 2006, the City of Milwaukee (“City”) created Tax Incremental District (“TID”) No. 67 (The Brewery Project) and approved a Project Plan for this TID; and
Whereas, Included in the scope of work for the Project Plan was a budget for City infrastructure work, including the provision of storm sewers to be installed in the existing and/or newly dedicated rights-of-way within the TID; and
Whereas, The Brewery Project, LLC, (“Developer”) and the City now wish to provide for an innovative ‘sustainable’ storm water plan for the TID, including the provision of bio-swales, porous pavement and sub-surface water retention vessels to significantly reduce the rate of discharge into the MMSD collector and deep tunnel systems while also improving water quality; and
Whereas, The initial budget estimate for the City infrastructure work, including the storm water cost for the Project, was $6,149,500 as provided in Exhibit 5, pages 1-4 of the Project Plan and the Revised budget estimate for this work, including the revised storm water plan, including design and engineering is approximately $500,000 greater, of which the Developer has agreed to advance $400,000; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the scope of work for the public infrastructure and storm water plan as set forth in Exhibit 5 of the Project Plan are modified and approved as per the Offsite Infrastructure Matrix, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the Term Sheet for the Development Agreement for this Project Plan is amended as provided in a Revised Term Sheet, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That in as much as the City’s share of the expected cost increase for implementing the revised infrastructure work is less than the amount permitted pursuant to Section 304-93 of the Milwaukee Code of Ordinances, additional funds for this work are not required to be appropriated.
Drafter
DCD:JS:js
01/24/07