Number
010213
Version
SUBSTITUTE 2
Reference
001366
Sponsor
ALD. JOHNSON-ODOM
Title
Substitute resolution approving the Public Improvement Development and Maintenance Agreement for Business Improvement District No. 25, East Capitol Drive Streetscaping, between the City of Milwaukee and Business Improvement District No. 25 (Riverworks).
Analysis
The Business Improvement District No. 25 Streetscaping project proposes to enhance East Capitol Drive between Humboldt Boulevard and 2nd Street. 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 $500,000 plus interest to the City over a 15-year period. The Preliminary Agreement to develop a detailed design plan for East Capitol Drive Streetscaping was approved by the Common Council via File No. 001366.
Body
Whereas, On October 19, 1999, the Common Council of the City of Milwaukee created Business Improvement District No. 25 (“BID No. 25”) via File No. 990930 and approved its first Operating Plan; and
Whereas, The first year Operating Plan for BID No. 25 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 Riverworks Business Improvement District; and
Whereas, The 2001 Capital Budget for the City contains $500,000 in the Neighborhood Commercial District Street Improvement Fund and $500,000 in the Business Improvement District Fund; and
Whereas, The Common Council of the City of Milwaukee 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 streetscapin...
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