NUMB:
971014
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving and authorizing the execution of the Development Agreement for the Riverwalk Plaza Condominium Project in the 4th Aldermanic District. (DCD)
ANLS:
- Analysis -
This resolution approves a Development Agreement between the City of Milwaukee and Historic Riverwalk Plaza, LLC, for the development of property located at 141 and 201-03 North Water Street in the Historic Third Ward. Adoption of this resolution authorizes the execution of the Agreement and the provision of up to $1.5 million to fund the cost of a riverwalk, plaza and facade improvements, subject to adoption of the 1998 Capital Budget.
BODY:
Whereas, Historic Riverwalk Plaza, LLC, (the "Developer") is proposing to develop certain real property located at 141 and 201-03 North Water Street in the Historic Third Ward; and
Whereas, The Developer intends to renovate and convert the existing buildings on the property known as 141 and 201-03 North Water Street into an 81-unit condominium development consisting of 79 residential units and two commercial units and construct a one-story parking structure at 128 North Water Street; and
Whereas, The development of the project, with an estimated investment of $9.2 million, will stimulate economic growth by increasing housing opportunities in the Historic Third Ward area and along the Milwaukee River waterfront; and
Whereas, The Developer desires to undertake the construction of certain other public improvements on the property consisting of a riverwalk along the western boundary of the property and a plaza along the proposed vacated East Chicago Street consistent with the City of Milwaukee's interest in increasing public access to the river's edge; and
Whereas, The public improvements will constitute a portion of the overall Milwaukee River riverwalk system, a portion of which is contemplated by the Historic Third Ward Tax Incremental District No. 34 Riverwalk Project which is intended eventually to cover a good portion of the Milwaukee River from the harbor entrance to the North Avenue Dam; and
Whereas, The cost of said public improvements, including City of Milwaukee costs associated with project implementation, is estimated to cost $1.5 million and is included in the proposed 1998 Capital Budget; and
Whereas, The Common Council desires to approve the Development Agreement, a copy of which is attached to this Common Council File, and to fund said public improvements, contingent on the adoption of the 1998 Capital Budget which includes said $1.5 million for project implementation; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Development Agreement for the Riverwalk Plaza Condominium Project is approved contingent on the adoption of the 1998 Capital Budget which includes $1.5 million for project implementation; and, be it
Further Resolved, That the proper City officials are authorized and directed, contingent on the adoption of the 1998 Capital Budget which includes said $1.5 million for project implementation, 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 $1.5 million from the Development Opportunities Fund Parent Account No. 31-636-0001 to Subaccount No. 31-636-1600 entitled "Riverwalk Plaza Condominium Project," contingent on the adoption of the 1998 Capital Budget which includes said $1.5 million for project implementation; 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 consistently applied to maintain necessary and proper fiscal control; and, be it
Further Resolved, That the City Clerk is directed to transmit a certified copy of this resolution to the City Comptroller, the Commissioner of the Department of City Development and the Commissioner of the Department of Public Works; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide such assistance as is necessary to implement said Development Agreement in accord with the spirit and intent of this resolution.
ZDPT:
DFTR:
DCD/MJW/mjg
10/07/97/A