Number
031225
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving an 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15. (DPW)
Analysis
This amendment to the BID 15 Riverwalk Development Agreement adds a new segment to the project and expands the scope of improvements funded under the agreement to include aesthetic and signing upgrades at various points in the system. The new segment is a connection between the existing downtown riverwalk and the riverwalk in the Historic Third Ward. The estimated cost of the new segment is $500,000 with half of this amount being funded through a State of Wisconsin Stewardship grant. The remaining $250,000 will be funded by the City with 22% being repaid by BID 15 and the Historic Third Ward under the terms of their respective riverwalk development agreements. Phase I of the aesthetic and signing upgrades is expected to cost around $750,000. Thus, of the $1,000,000 in City funds that will be spent on these improvements, 22% (or $220,000) will be paid back by the two riverwalk organizations through the loan repayment mechanisms established in the development agreement for each project. BID #15 will pay back $192,500 and BID #2 (Historic Third Ward) will pay back $27,500.
Body
Whereas, The City of Milwaukee and the Business Improvement District (BID15) Board entered into a Riverwalk Development Agreement for the District dated as of 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 10 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 #15, and BID #2 (Hi...
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