NUMB:
990150
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution approving the Assignment, Assumption and Amendment Agreement relating to Amendment No. 3 to the Riverwalk Development Agreement for Business Improvement District No. 2 (Historic Third Ward) and Amendment No. 2 to the Development Agreement for Riverwalk Plaza Condominium in the 4th Aldermanic District.
ANLS:
- Analysis -
This substitute resolution approves Amendment No. 3 to the Riverwalk Development Agreement for Business Improvement District No. 2 (Historic Third Ward) and partial assignment of and Amendment No. 2 to the Development Agreement for Riverwalk Plaza Condominium. This resolution also allows the construction of the Riverwalk Plaza Condominium Riverwalk by the Board of BID No. 2 and transfers the sum of $120,000 from the Development Fund along with the sum of $273,709 already budgeted in the Riverwalk Plaza Condominium Riverwalk Project to the Board of BID No. 2 to cover the cost of the riverwalk construction.
BODY:
Whereas, The City of Milwaukee ("City") and Historic Riverwalk Plaza, LLC ("HRP") entered into a Development Agreement for Riverwalk Plaza Condominium dated as of February 19, 1998 pursuant to which HRP agreed to construct and the City agreed to finance certain improvements identified therein, including a riverwalk to be located behind the properties located at 141 and 201 North Water Street and the westernmost end of East Chicago Street abutting the Milwaukee River; and
Whereas, The City and the Board of Business Improvement District No. 2 ("Board") entered into a Riverwalk Development Agreement dated June 23, 1998 pursuant to which the Board agreed to design and construct and the City agreed to finance a Riverwalk System along the east bank of the Milwaukee River in the City's Historic Third Ward; and
Whereas, Though the Riverwalk System excluded the HRP Riverwalk, HRP agreed to cooperate with the Board with respect to ...
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