Number
251166
Version
ORIGINAL
Reference
220634
Sponsor
ALD. BAUMAN
Title
Resolution authorizing an amendment to a development agreement, in the 4th Aldermanic District.
Analysis
This resolution directs the City of Milwaukee to enter into an amendment to the Corcoran Street Extension and Harbor Drive Public Improvements Development Agreement among Milwaukee Apartment Ventures, LLC and the Redevelopment Authority of the City of Milwaukee to reimburse the eligible increased costs of constructing the extension of Corcoran Avenue, in the Third Ward.
Body
Whereas, The City of Milwaukee (“City”), by adoption of File No. 220634 on September 30, 2022, entered into the Corcoran Street Extension and Harbor Drive Public Improvements Development Agreement dated December 15, 2022 (“Agreement”), with Milwaukee Apartment Ventures, LLC (“Developer”) and the Redevelopment Authority of the City of Milwaukee (“Redevelopment Authority”); and
Whereas, The City, the Developer and the Redevelopment Authority now desire to enter into a First Amendment to the Agreement to increase the funding amount for the construction of the Corcoran Avenue extension; and
Whereas, The City is willing to provide the Developer with an additional $100,000, an amount not to exceed $3,655,000, from TID #56 (Erie Jefferson) to reimburse the eligible costs of constructing the public extension of Corcoran Avenue (the “Public Improvements”); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute a First Amendment to the Corcoran Street Extension and Harbor Drive Public Improvements Development Agreement, increasing the do not exceed amount by $100,000 to $3,655,000, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the proper City officials, in consultation with the City Attorney’s office, are authorized to make non-substantive changes to the Development Agreement without furt...
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