Number
241269
Version
ORIGINAL
Reference
141662
Sponsor
ALD. BAUMAN
Title
Resolution approving a third amendment of a lease agreement between the Marcus Center for the Performing Arts, Inc. and the City of Milwaukee.
Analysis
This resolution approves a third amendment of a lease agreement between the Marcus Center for the Performing Arts, Inc. and the City of Milwaukee. The amendment extends the lease term of the existing ground lease for the parking structure for the Marcus Center for the Performing Arts at 1001 North Water Street and allows for the termination of the lease when the proposed redevelopment of the site moves forward.
Body
Whereas, On February 5, 1969, the City of Milwaukee and Milwaukee County War Memorial Center, Inc. entered into a ground lease agreement concerning the property on which the parking structure for the Marcus Center for the Performing Arts currently sits, which lease was amended by City and Milwaukee County War Memorial Center, Inc., on July 26, 1985; and
Whereas, Milwaukee County War Memorial Center, Inc. assigned its interest in the ground lease to Marcus Center for the Performing Arts, Inc. ("Marcus"), its successor; and
Whereas, In 2015, Marcus requested from the City an amendment to the ground lease in order to extend the term of the ground lease to accommodate financing for certain repairs and maintenance Marcus intends to undertake on the parking structure; and
Whereas, Common Council File Number 141662, adopted March 5, 2015, extended the term of the lease for 3 years so that it expired on December 31, 2022, with an automatic renewal for an additional two years unless either party objects to such renewal; and
Whereas, In September, 2023, the City of Milwaukee issued a Request for Proposal for the redevelopment of the 2.45-acre parcel at 1001 North Water Street where the parking structure for the Marcus Center for the Performing Arts currently sits; and
Whereas, The Neutral Project, a Madison-based real es...
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