Number
991078
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving the Fourth Amendment to Riverwalk Development Agreement, First Amendment to Dockwall Development Loan Agreement and Third Amendment to Cooperation Agreement.
Analysis
This substitute resolution authorizes the entry into an agreement which is the Fourth Amendment to the June 23, 1998 Riverwalk Development Agreement for Business Improvement District No. 2, the First Amendment to the December 31, 2000 Dockwall Development Loan Agreement and the Third Amendment to the February 28, 1991 Cooperation Agreement. Under the Amendment, the City, the Board of Business Improvement District No. 2 and the Redevelopment Authority agree to eliminate the development of the Milwaukee Institute of Art and Design Riverwalk from the Board of Business Improvement District No. 2's responsibility under the Riverwalk Agreement, further agree to modify the budgets and completion dates for the work to be performed by the Board of Business Improvement District No. 2 and reallocate between the City and the Redevelopment Authority the funds to be made available to the Board and provide for an orderly development and completion of the Third Ward Riverwalk System.
Body
Whereas, The Board is the governing body of Business Improvement District No. 2 (“BID No. 2”) created pursuant to Chapter 66.1109, Wisconsin Statutes; and
Whereas, The City of Milwaukee (“City”) and the Board entered into an agreement dated as of June 23, 1998 entitled Riverwalk Development Agreement for BID No. 2 (“Initial Riverwalk Agreement”) pursuant to which the Board and the City agreed to cooperate in the development of a certain riverwalk system (“Riverwalk”), as more particularly identified in the Initial Riverwalk Agreement. The City and the Board entered into a First Amendment to Riverwalk Development Agreement dated as of July 30, 1998 (“First Amendment”). Pursuant to the First Amendment, the...
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