Number
020740
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving the 130 South Water Street Riverwalk Development Agreement in the 12th Aldermanic District. (DCD)
Analysis
This resolution approves the 130 South Water Street Riverwalk project. It also approves the expenditure of up to $249,000 from the Development Fund to cover 50 percent of the cost of the construction of this riverwalk on the private development land and 100 percent of the cost of the riverwalk on the public street right-of-way connection to the south approach to the Water Street Bridge.
Body
Whereas, Walker's Point LLC (the "Developer") is the owner of certain property located at 130 South Water Street, Milwaukee, Wisconsin (the "Property"); and
Whereas, The Property fronts on the south bank of the Milwaukee River at South First Street; and
Whereas, The Developer is desirous of undertaking the construction of a riverwalk (the "Improvement") adjacent to its building on the Property; and thereafter, the Developer will maintain and operate the Improvement, including making the Improvement available for use by members of the general public; and
Whereas, The Improvement will constitute a portion of the overall riverwalk system which is intended to eventually cover a good portion of the Milwaukee River flowing through the City of Milwaukee (the "City"); and because of the Developer's willingness to make the Improvement available to members of the public, the Improvement will serve the public purpose of affording members of the public the opportunity to more fully enjoy the valuable river resource; and
Whereas, Because the public purpose is served by the construction and operation of the Improvement, the City is willing to make a grant to the Developer in an amount not to exceed $249,000 (the "City Grant") to be used by the Developer to fund 50 percent of the cost of constructing the Improvement on the Developer's private property and 100 perce...
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