Number
251185
Version
SUBSTITUTE 1
Reference
141662, 241269
Sponsor
ALD. BAUMAN
Title
Substitute resolution relating to the transfer of funds for repairs to the Marcus Center for the Performing Arts parking structure.
Analysis
This resolution will transfer $353,170 from the Surface and Tow Lot Repaving capital account in the Department of Public Works to the Emergency Repairs capital account, also in the Department of Public Works to fund urgent repairs to the Marcus Center for the Performing Arts parking structure.
Body
Whereas, On February 5, 1969, the City of Milwaukee and Milwaukee County War Memorial Center, Inc. entered into a ground lease agreement concerning the property on which the parking structure for the Marcus Center for the Performing Arts currently sits, which lease was amended by the City and Milwaukee County War Memorial Center, Inc., on July 26, 1985; and
Whereas, The amended lease called for a joint, mutually-funded capital improvement plan to address long-term maintenance needs at the structure; and
Whereas, The City’s share of net income from the parking structure has been used to fund the City’s portion of approved capital improvements at the structure; and
Whereas, Milwaukee County War Memorial Center, Inc. assigned its interest in the ground lease to Marcus Center for the Performing Arts, Inc. ("Marcus"), its successor; and
Whereas, In 2015, Marcus requested from the City an amendment to the ground lease in order to extend the term of the ground lease to accommodate financing for certain repairs and maintenance Marcus intends to undertake on the parking structure; and
Whereas, Common Council File Number 141662, adopted March 5, 2015, extended the term of the lease for 3 years so that it expired on December 31, 2022, with an automatic renewal for an additional two years unless either party objects to such renewal; and
Whereas, In September, 2023, the City of Milwaukee issued a Request for Proposals for the red...
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