NUMB:
981378
VERS:
ORIGINAL
REF:
980085
XXBY:
THE CHAIR
TITL:
Resolution approving a Riverwalk Development Agreement with the Milwaukee Institute of Art and Design in connection with the Historic Third Ward TID No. 34 Riverwalk Project in the 4th Aldermanic District.
ANLS:
- Analysis -
This resolution sets forth the funding relationship between the City of Milwaukee and the Milwaukee Institute of Art and Design ("MIAD") for the MIAD Riverwalk in the Historic Third Ward. Adoption of this resolution perfects the commitment of MIAD to fund amounts in excess of $680,000 which is included in the original City funding for the MIAD Riverwalk segment. This resolution also states the City's willingness to consider, subject to future budgets and policy approvals, assisting MIAD in funding its portion of the riverwalk costs.
BODY:
Whereas, The Common Council of the City of Milwaukee under File No. 970388 created Tax Incremental District No. 34 and adopted a Project Plan for said District for the purpose of developing a riverwalk along the east bank of the Milwaukee River between East Clybourn Street and the Broadway Bridge; and
Whereas, Under File No. 971722 adopted on March 20, 1998, the City of Milwaukee ("City") approved a Riverwalk Development Agreement with the Board of Business Improvement District No. 2, and under File No. 980085 adopted on June 16, 1998, the City approved a First Amendment to Riverwalk Development Agreement with said BID, and under File No. 981200 adopted on December 18, 1998, the City approved a Second Amendment to Riverwalk Development Agreement with said BID all of which contemplated the development of and funding for a riverwalk segment adjacent to the Milwaukee Institute of Art and Design ("MIAD"); and
Whereas, The Common Council desires to enter into an agreement with MIAD to perfect a funding and construction arrangement for a riverwalk adjacent to its premises at 273 East Erie Street in the Historic Third War...
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