Number
040011
Version
SUBSTITUTE 1
Reference
Sponsor
Title
Substitute resolution approving a 6th amendment to the Riverwalk Development Agreement for Business Improvement District (BID) No. 2.
Analysis
This amendment to the BID 2 Riverwalk Development Agreement increases the budget for the new segment planned to connect the downtown riverwalk to the riverwalk in the Historic Third Ward. Amendment number 5 to the Development Agreement authorized construction of this new segment and established an estimated budget of $500,000, half of which would be funded through a grant from the Wisconsin Department of Natural Resources. This 6th amendment increases the budget by $160,000 to $660,000. All of the additional $160,000 would be funded initially by the City. However, BID No. 2 and BID No. 15 (Downtown Riverwalk BID) will each pay back $17,600 plus interest to the City under the terms of their original Riverwalk Development Agreements. This amount is in addition to the $27,500 plus interest each organization will pay back toward the $250,000 of City funds already committed to the project.
Body
Whereas, The City of Milwaukee and the Business Improvement District No. 2 Board entered into a Riverwalk Development Agreement for the District dated April 2, 1998; and
Whereas, This agreement established the standards, rules, and procedures for construction of the Historic Third Ward riverwalk; and
Whereas, The agreement has been amended 5 previous times; and
Whereas, The City of Milwaukee has received a $250,000 matching grant from the State of Wisconsin under the Stewardship Program to construct a handicap accessible connection between the downtown riverwalk and the riverwalk in the Historic Third Ward; and
Whereas, The City, BID No. 15 (Downtown Riverwalk BID) and BID No. 2 (Historic Third Ward) have previously approved a funding plan for this riverwalk connection based upon an initial estimated cost for the project of $500,000; and
Whereas, Actu...
Click here for full text