NUMB:
991559
VERS:
ORIGINAL
REF:
920132
XXBY:
ALD. HENNINGSEN
TITL:
Resolution approving Amendment No. 2 to the Cooperation Agreement for the 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project. (DCD)
ANLS:
- Analysis -
This resolution approves an amendment to the Cooperation Agreement for the 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project. This resolution also increases the project budget by $700,000 to $2,255,000 and authorizes expenditures for economic development purposes in the river area of the Historic Third Ward in accordance with paragraph 3 of the Cooperation Agreement. Of this amount, $1.7 million will be repaid to the City through special assessments.
BODY:
Whereas, The Redevelopment Authority of the City of Milwaukee ("Authority") with the cooperation of the City of Milwaukee ("City") has undertaken to develop and carry out a blight designation project known as 511 East Menomonee Street and 151 North Jackson Street ("Project"); and
Whereas, The Authority and the City have entered into a Cooperation Agreement dated February 28, 1991 and approved by the Authority under Resolution No. 7681 and the Common Council under File No. 901573; and
Whereas, The Authority and the City have entered into an amendment to the Cooperation Agreement dated October 1, 1994 and approved by the Authority under Resolution No. 7954 and the Common Council under File No. 920132; and
Whereas, The Common Council desires to enter into a second amendment to the Cooperation Agreement to more clearly define the expenses and revenues associated with the disposition of the property at 511 East Menomonee Street, including recognizing the obligations of the Authority to Wisconsin Gas Company and to permit the Authority to expend project proceeds for economic development purposes in accordance with paragraph 3 of the Cooperation Agreement; now, therefore, be it
Resolved, By the Common C...
Click here for full text