Number
251165
Version
ORIGINAL
Reference
231137
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 103 West Clybourn Street Riverwalk Development Agreement among Run PKG, Inc. and the Redevelopment Authority of the City of Milwaukee to share in the total cost of constructing the Riverwalk improvement with funds provided from TID No. 68, in the 4th Aldermanic District.
Body
Whereas, The City of Milwaukee (“City”), by adoption of File No. 231137 on December 12, 2023, entered into the 103 West Clybourn Street Riverwalk Development Agreement dated May 17, 2024 (“Agreement”), with Run PKG, Inc. (“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 public Riverwalk Improvements; and
Whereas, The City is willing to provide the Developer with an additional $70,000, an amount not to exceed $670,000, from TID #68 (First Place) to reimburse the city’s share of eligible costs of constructing the public Riverwalk Improvements (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 Agreement increasing the do not exceed amount by $70,000 to $670,000, 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 further Common Council action as necessary to achieve the intent of the City’s action and to provide for construction of ...
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