Number
130387
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the 15th Amendment to the Riverwalk Development Agreement and authorizing expenditures for Business Improvement District No. 15.
Analysis
This amendment to the BID No. 15 Riverwalk Development Agreement increases the scope of Accessibility Improvements from nine to ten components for the downtown Riverwalk system. The 14th Amendment increased the original budget of $1,500,000 to $4,283,855, based on changes to the overall scope and design of the improvements. The additional $2,783,855 was funded initially by the City with 22 percent of such amount to be repaid to the City by BID No. 15. This 15th Amendment will utilize realized savings from eight components already constructed, with the ninth in the planning stages, to construct a tenth component and does not increase the previously approved $4,283,855 budget.
Body
Whereas, The City of Milwaukee (“City”) and Business Improvement District (“BID”) No. 15 entered into a Riverwalk Development Agreement for the District dated May 23, 1994; and
Whereas, The Agreement established the standards, rules and procedures for construction of the downtown Riverwalk; and
Whereas, The Agreement has been amended 14 times; and
Whereas, The City and BID No. 15 previously approved a funding plan for Riverwalk Accessibility Improvements based upon an anticipated cost of $4,797,473 to construct nine components; and
Whereas, BID No. 15 has agreed to contribute toward the cost of such Accessibility Improvements in an amount equal to the 22 percent standard used throughout the Riverwalk development program; and
Whereas, The share for BID No. 15 is estimated to be $910,714, which will be paid back to the City by the BID under the terms and conditions of the original Agreement; and
Whereas, The City realized sufficient savings on the Accessibility Improvements and hereby proposes to fund the construction of an additional,...
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