NUMB:
981363
VERS:
SUBSTITUTE 1
REF:
971003
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution approving the Third Amendment to the 1998 Operating Plan for BID No. 2 (Historic Third Ward) in the 4th Aldermanic District.
ANLS:
- Analysis -
This Operating Plan was previously amended to permit BID No. 2 to borrow, using Redevelopment Authority bonds, up to $5,720,000 to finance the construction of a 400 to 450 space parking ramp to be located at the southeast corner of North Water Street and East Chicago Street. Payment on the bonds will be secured by a letter-of-credit issued by the Northern Trust Company. The bond issue will capitalize a debt service reserve. In the event the reserve is drawn on, the present Operating Plan authorizes a special assessment of up to $400,000 annually to restore the reserve. This Third Amendment authorizes an increase in that maximum assessment to $550,000.
BODY:
Whereas, The City of Milwaukee, Wisconsin (the "City"), is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.608 of the Wisconsin Statutes (collectively, the "Act"):
A. To create a business improvement district.
B. To adopt and amend the operating plan of the business improvement district.
C. To levy special assessments for the purpose of implementing the operating plan of the business improvement district; and
Whereas, By Common Council File No. 870501, adopted October 6, 1987, the City created Business Improvement District No. 2 ("BID No. 2") for an area in the Historic Third Ward and approved its initial Operating Plan; and
Whereas, By Common Council File No. 971003, adopted November 4, 1997, the City approved the Operating Plan of BID No. 2 for the year 1998; and
Whereas, By Common Council File No. 971819, adopted April 7, 1998, the City approved an Amended and Restated Operating Plan for BID No. 2 for the year 1998 (herein referred to as the "...
Click here for full text