NUMB:
971722
VERS:
ORIGINAL
REF:
970388
XXBY:
THE CHAIR
TITL:
Resolution approving the Riverwalk Development Agreement for Business Improvement District No. 2 in the 4th Aldermanic District. (DCD)
ANLS:
- Analysis -
This resolution approves a Riverwalk Development Agreement which implements the Third Ward Riverwalk Project in Tax Incremental District No. 34. This resolution also authorizes the execution of the Agreement and transfers funds necessary to implement the Project in accord with the TID No. 34 Project Plan.
BODY:
Whereas, Common Council File No. 870501, adopted October 6, 1987, created Business Improvement District No. 2 ("BID No. 2") and approved its initial Operating Plan; and
Whereas, Common Council File No. 970388, adopted September 23, 1997, created Tax Incremental District No. 34 ("TID No. 34"), Historic Third Ward Riverwalk, and adopted a Project Plan for said tax incremental district; and
Whereas, Common Council File No. 961650, adopted March 4, 1997, provided funds in the amount of $160,000 for streetscape improvements on East Buffalo Street prior to the creation of TID No. 34, but within the boundaries of the district; and
Whereas, The Project Plan contemplates the development of a riverwalk system along the east bank of the Milwaukee River in a portion of the Historic Third Ward comprised of individual riverwalks located on publicly and privately held parcels of land and/or rights of way adjacent to the Milwaukee River described as Private Project Segments or as City Segments; and
Whereas, The Project Plan further contemplates that the Board of BID No. 2 will be responsible for overseeing the design and construction of the Riverwalk Project, including the City Segments; and
Whereas, The costs of design and construction of the Riverwalk Project will be funded by the City of Milwaukee, partly in the form of a grant and partly in the form of a loan, repayment of said loan to be made through special asses...
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