Number
071408
Version
SUBSTITUTE 1
Reference
990110
Sponsor
ALD. MCGEE
Title
Substitute resolution approving a Riverwalk Development Agreement for construction of a Riverwalk segment adjoining the property located at 1858 North Commerce Street, in the 6th Aldermanic District.
Analysis
This substitute resolution authorizes the City of Milwaukee to enter into a Riverwalk Development Agreement with Brewers Point Apartments, a Wisconsin General Partnership, and the Redevelopment Authority of the City of Milwaukee, and directs the Department of Public Works to construct the riverwalk improvements with funds provided from TID No. 22 (Beerline “B”) and an Owner contribution of $62,558.74.
Body
Whereas, Brewers Point Apartments (“Owner”), the owner of the property located at 1858 North Commerce Street, desires to have constructed a riverwalk along the Milwaukee River and adjacent to the property (“Riverwalk”); and
Whereas, The proposed Riverwalk is a missing segment along the north side of the Milwaukee River and is bordered by existing riverwalks to the east and the west; and
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) and the Owner had previously entered into a Development Agreement dated April 1, 1996, pursuant to which the Owner would build the Brewers Point Apartments, which Owner has since built, and the Owner would build the Riverwalk, with cost-sharing between the Owner and the City of Milwaukee (“City”); and
Whereas, The Riverwalk was never built due to conflicting opinions between the Owner and the City and costs for construction have since increased; and
Whereas, Litigation between the Owner and the City took place regarding special assessments the City levied against the Owner for construction of East Dock Street and the Trostel Riverwalk, which litigation was settled in April, 2004 under an arrangement calling for the City to give the Owner a $10,794 credit against Riverwalk expenses once a final agreement is reached...
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