Number
031041
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HINES
Title
Substitute resolution approving the Public Improvement Development and Maintenance Agreement for Business Improvement District No. 28 (West North Avenue Gateway Streetscaping), between the City of Milwaukee and Business Improvement District No. 28.
Analysis
This substitute resolution approves the proposed Business Improvement District No. 28 Streetscape project to install lighting and other street amenities on West North Avenue between 27th Street and Sherman Boulevard. The Public Improvement Development and Maintenance Agreement details the responsibilities of the City and the BID for the construction, maintenance and financing of the project. In particular it commits the BID to repay up to $100,000 plus interest to the City over a 15-year period.
Body
Whereas, On November 6, 2002, the Common Council of the City of Milwaukee ("Common Council") created Business Improvement District No. 28 ("BID No. 28") via File No. 020830 and approved its first year Operating Plan; and
Whereas, The first year Operating Plan for BID No. 28 called for the BID Board to enter into an agreement with the City of Milwaukee ("City") for financing, installation and maintenance of a mutually acceptable streetscape improvement project for the West North Avenue Gateway Business Improvement District; and
Whereas, The 2004 Capital Budget for the City contains $100,000 in the Neighborhood Commercial District Street Improvement Fund and $100,000 in the Business Improvement District Fund; and
Whereas, The Common Council adopted File No. 921490, which established guidelines for use of the Neighborhood Commercial District Street Improvement Fund; and
Whereas, The proposed project meets those guidelines; and
Whereas, A Public Improvement Development and Maintenance Agreement Term Sheet for said streetscaping project, a copy of which is attached to this Common Council File, has been prepared...
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