Number
011303
Version
ORIGINAL
Reference
981378
Sponsor
THE CHAIR
Title
Resolution approving First Amendment to Riverwalk Development Agreement for Milwaukee Institute of Art and Design and Fourth Amendment to Cooperation Agreement for 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project. (DCD)
Analysis
This resolution approves the First Amendment to Riverwalk Development Agreement for Milwaukee Institute of Art and Design dated February 24, 1999 and Fourth Amendment to Cooperation Agreement for 511 East Menomonee Street and 151 North Jackson Street Blight Designation Project dated January 25, 2000. Under this Amendment, the City will advance the Milwaukee Institute of Art and Design $680,000 to fund approximately half of the cost of the MIAD Riverwalk. MIAD will repay this City advance through special assessments, which will recover the $680,000 plus interest at a rate equal to the City's cost of funds.
BODY
Whereas, The City of Milwaukee ("City") and the Milwaukee Institute of Art and Design ("MIAD") entered into a February 24, 1999 Riverwalk Development Agreement for Milwaukee Institute of Art and Design (the "Initial Agreement") for the construction of a Riverwalk Project Segment (the "MIAD Riverwalk") adjacent to the MIAD property located at 273 East Erie Street, Milwaukee, Wisconsin, Tax Key No. 392-0964-000-0, (the "MIAD Premises"); and
Whereas, The Initial Agreement recited that pursuant to a Riverwalk Development Agreement, as amended, the "Riverwalk Development Agreement" between the City and Business Improvement District No. 2 ("BID No. 2"), BID No. 2 would be "responsible for carrying out the development and construction of" "the MIAD Riverwalk." However, under the terms of the Riverwalk Development Agreement, construction of the MIAD Riverwalk would not begin until the means of financing MIAD's portion of the cost of the MIAD Riverwalk were established to the satisfaction of the City; and
Whe...
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