NUMB:
971014
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving and authorizing the execution of the Development Agreement for the Riverwalk Plaza Condominium Project in the 4th Aldermanic District. (DCD)
ANLS:
- Analysis -
This resolution approves a Development Agreement between the City of Milwaukee and Historic Riverwalk Plaza, LLC, for the development of property located at 141 and 201-03 North Water Street in the Historic Third Ward. Adoption of this resolution authorizes the execution of the Agreement and the provision of up to $1.5 million to fund the cost of a riverwalk, plaza and facade improvements, subject to adoption of the 1998 Capital Budget.
BODY:
Whereas, Historic Riverwalk Plaza, LLC, (the "Developer") is proposing to develop certain real property located at 141 and 201-03 North Water Street in the Historic Third Ward; and
Whereas, The Developer intends to renovate and convert the existing buildings on the property known as 141 and 201-03 North Water Street into an 81-unit condominium development consisting of 79 residential units and two commercial units and construct a one-story parking structure at 128 North Water Street; and
Whereas, The development of the project, with an estimated investment of $9.2 million, will stimulate economic growth by increasing housing opportunities in the Historic Third Ward area and along the Milwaukee River waterfront; and
Whereas, The Developer desires to undertake the construction of certain other public improvements on the property consisting of a riverwalk along the western boundary of the property and a plaza along the proposed vacated East Chicago Street consistent with the City of Milwaukee's interest in increasing public access to the river's edge; and
Whereas, The public improvements will constitute a portion of the overall Milwaukee River riverwalk system, a portion of which is contemplated by the Historic Third Ward Tax Incremental District No. 34 Riv...
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