Number
031224
Version
Reference
ORIGINAL
Sponsor
Title
Resolution approving a 5th amendment to the Riverwalk Development Agreement for Business Improvement District No. 2. (DPW)
Analysis
This amendment to the BID No. 2 Riverwalk Development Agreement adds a new segment to the project. The new segment is a connection between the existing downtown riverwalk and the new riverwalk in the Historic Third Ward. The estimated cost of the new segment is $500,000. Half of this amount will be funded through a State of Wisconsin Stewardship grant. The remaining $250,000 will be funded by the City with 22% of this amount being repaid by BID No. 2 and the downtown riverwalk BID under the terms of their respective riverwalk development agreements. Thus, of the 250,000 in City funds that will be spent on the riverwalk connection, $55,000 will be paid back by the two riverwalk organizations through the loan repayment mechanisms established in the development agreement for each project. The BIDs will each pay back a total of $27,500.
Body
Whereas, The City of Milwaukee and the Business Improvement District No. 2 Board (Historic Third Ward) entered into a Riverwalk Development Agreement for the District dated as of 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 four 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, Business Improvement District (BID 15) (downtown riverwalk), and BID No. 2 will all benefit from this new connection; and
Whereas, Each BID has agreed to contribute toward the cost of the connection in an amount equal to 11% of the local share...
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