Number
040150
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution regarding public improvement work for Pier Wisconsin Project.
Analysis
Pursuant to Section 14 of the August 11, 2003, Development and Lease Agreement by and between Pier Wisconsin Limited ("Pier Wisconsin") and the City of Milwaukee acting by and through its Board of Harbor Commissioners ("City"), the City is responsible for mutually agreed upon public improvement work on or adjacent to the leased project site at a cost not to exceed the amount of the rent to be paid by Pier Wisconsin for the initial 30 years of the lease. It is currently estimated that the initial rent will be at least $390,000 plus any City additional rent, measured at 5% of all Pier Wisconsin net income in excess of $5 million annually. The purpose of this resolution is to specify the mutually agreed upon public improvement work to be funded by the City with the proceeds from the rent to be paid by Pier Wisconsin.
Body
Whereas, The City, acting through its Board of Harbor Commissioners ("City") entered into an August 11, 2003 Development and Lease Agreement ("Agreement") with Pier Wisconsin Limited ("Pier Wisconsin") under which certain City-owned harbor lands (the "Property") were leased to Pier Wisconsin for the purpose of constructing a Great Lakes maritime museum and anchorage for the Schooner Denis Sullivan (the "Improvement"); and
Whereas, The term of the Agreement is for 30 years, renewable for another 30 year term; and
Whereas, The rent for the initial term of the Agreement is $390,000 plus 5% of all Pier Wisconsin net income in excess of $5 million annually; and
Whereas, Pursuant to Section 14 of the Agreement, the City is responsible for the mutually agreed upon public improvement work on or adjacent to the Property at a cost not to exceed the initial amount of rent paid by Pier Wisconsin; and
Whereas, Representatives from the Department of Public Works, Department of Cit...
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