NUMB:
972014
VERS:
SUBSTITUTE 2
REF:
971003
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution amending the 1998 Operating Plan for Business Improvement District No. 2 (Historic Third Ward) for the purpose of the development of a Water Street Parking Structure.
ANLS:
- Analysis -
BID No. 2 proposes to develop a 400-450 space parking ramp at the southeast corner of North Water Street and East Chicago Street. The parking ramp will be financed through the issuance of up to $6,000,000 of Redevelopment Authority Revenue Bonds. Payment on the Bonds will be secured by a Letter of Credit from a commercial banking institution. This substitute resolution amends the 1998 Operating Plan for BID No. 2 by providing for an additional assessment on properties located within the BID in an amount necessary to reimburse the bank for any draws on the Letter of Credit. This obligation shall continue as long as the Bonds are outstanding. The BID Plan also provides for a payment by the City of 50 percent of the bank's Letter of Credit fees (estimated at $30,000 per year), for the initial term of the Letter of Credit, up to ten years. Funds for this payment shall be provided from the Development Opportunities Fund. The Amended Plan also subordinates to the bank any claim the City may have on assessments received from the BID relative to the BID's guarantee of revenues for TID No. 11 and payment of its share of Riverwalk expenses in TID No. 34.
BODY:
Whereas, The Common Council of the City of Milwaukee, by File No. 870501, adopted on October 6, 1987, created Business Improvement District No. 2 ("BID No. 2") and approved its first year Operating Plan; and
Whereas, On November 4, 1997, the Common Council adopted File No. 971003 approving the 1998 Operating Plan for BID No. 2; and
Whereas, On April 7, 1998, the Common Council adopted File No. 971819, Amending and Restating the 1998 Operating Plan for BID No. 2; and
Whereas, BID No. 2 proposes to amend its ...
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