Number
040010
Version
SUBSTITUTE 1
Reference
Sponsor
Title
A Substitute resolution approving a 12th amendment to the Riverwalk (BID) Development Agreement for Business Improvement District No. 15.
Analysis
This amendment to the BID 15 Riverwalk Development Agreement increases the budget for the new segment planned to connect the downtown riverwalk to the riverwalk in the Historic Third Ward. Amendment number 11 to the Development Agreement authorized construction of this new segment and established an estimated budget of $500,000, half of which would be funded through a grant from the Wisconsin Department of Natural Resources. This 12th amendment increases the budget by $160,000 to $660,000. All of the additional $160,000 would be funded initially by the City. However, BID No. 15 and BID No. 2 (Historic Third Ward) will each pay back $17,600 plus interest to the City under the terms of their original Riverwalk Development Agreements. This amount is in addition to the $27,500 plus interest each organization will pay back toward the $250,000 of City funds already committed to the project.
Body
Whereas, The City of Milwaukee and the Business Improvement District (BID) No. 15 Board entered into a Riverwalk Development Agreement for the District dated May 23, 1994; and
Whereas, This agreement established the standards, rules, and procedures for construction of the downtown riverwalk; and
Whereas, The agreement has been amended 11 previous times; and
Whereas, The City of Milwaukee has received a $250,000 matching grant from the State of Wisconsin under the Stewardship Program to construct a handicap accessible connection between the downtown riverwalk and the riverwalk in the Historic Third Ward; and
Whereas, The City, BID No. 15 and BID No. 2 (Historic Third Ward) have previously approved a funding plan for this riverwalk connection based upon an initial estimated cost for the project of $500,000; and
Whereas, Actual...
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