NUMB:
990482
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. D'AMATO
TITL:
Substitute resolution approving the 1661 North Water Street Riverwalk Development Agreement.
ANLS:
- Analysis -
This substitute resolution approves a Development Agreement between the City of Milwaukee and TMB Development Company for the development of a riverwalk at 1661 North Water Street. This substitute resolution also authorizes execution of the Development Agreement and the expenditure of $150,000 toward the cost of a $200,000 riverwalk project.
BODY:
Whereas, TMB Development Company ("TMB" or the "Developer") is the owner of certain property located at 1661 North Water Street, Milwaukee, Wisconsin (the "Property"); and
Whereas, The Property fronts on the east bank of the Milwaukee River at the end of East Brady Street; and
Whereas, The Developer is desirous of undertaking the construction of a riverwalk ("Improvement") adjacent to its buildings on the Property; and thereafter, the Developer will maintain and operate the Improvement, including making the Improvement available for use by members of the general public; and
Whereas, The Improvement will constitute a portion of the overall riverwalk system which is intended to eventually cover a good portion of the Milwaukee River flowing through the City of Milwaukee ("City"); and because of the Developer's willingness to make the Improvement available to members of the public, the Improvement will serve the public purpose of affording members of the public the opportunity to more fully enjoy the valuable river resource; and
Whereas, Because the public purpose served by the construction and operation of the Improvement, the City is willing to make a grant to the Developer in an amount not to exceed $150,000 ("City Grant") to be used by the Developer to fund 75 percent of the cost of constructing the Improvement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper C...
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