City of Milwaukee - File #: 160419

• File #: 160419
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/6/2016
• In control: COMMON COUNCIL
• Final action: 7/26/2016
• Title: Resolution authorizing a Riverwalk Development Agreement and an expenditure for construction of a riverwalk segment adjoining the property at 1433 North Water Street, in the 3rd Aldermanic District.
• Sponsors: ALD. KOVAC
• Indexes: RIVERWALKS

Date	Ver.	Action By	Action	Result	Tally
8/3/2016	0	MAYOR	SIGNED
7/26/2016	0	COMMON COUNCIL	ADOPTED	Pass	15:0
7/19/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Alyssa Remington, Department of City Development	Pass	5:0
7/14/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/6/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160419
Version
ORIGINAL
Reference
160418
Sponsor
ALD. KOVAC
Title
Resolution authorizing a Riverwalk Development Agreement and an expenditure for construction of a riverwalk segment adjoining the property at 1433 North Water Street, in the 3rd Aldermanic District.
Analysis
This resolution directs the City of Milwaukee to enter into a Riverwalk Development Agreement with Cherry Water LLC and the Redevelopment Authority of the City Milwaukee to share in the total cost of constructing a riverwalk, dockwall and public access connection, with funds provided from TID No. 48.
Body
Whereas, Cherry Water LLC (“Developer”) the owner/developer of the property located at 1433 North Water Street (“Property”), desires to construct a riverwalk along the Milwaukee River adjacent to the Property (“Riverwalk”); and

Whereas, The Developer is willing to construct, maintain and repair the Riverwalk; and

Whereas, The City of Milwaukee (“City”) is willing to provide the Developer with certain funds from Tax Incremental District (“TID”) No. 48 (Park East), not to exceed $1,530,000, to finance 70 percent of the cost of constructing the Riverwalk, 50 percent of the cost of the dockwall and 100 percent of the cost of the public access connection; and

Whereas, In consideration of City reimbursement for a portion of the construction cost of the Riverwalk, the Developer is willing to convey a non-exclusive, permanent, public-access easement to the City; and

Whereas, The City has been requested to execute and deliver that certain Riverwalk Development Agreement by and among the Developer, the Redevelopment Authority of the City of Milwaukee (“RACM”) and the City, a copy of which is attached to this Common Council File and is substantially in the form, as submitted herewith, to evidence the agreements therein contained; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute a Riverwalk Develop...