City of Milwaukee - File #: 070560

• File #: 070560
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/11/2007
• In control: PUBLIC WORKS COMMITTEE
• Final action: 7/31/2007
• Title: Substitute resolution authorizing the Department of Public Works to enter into multi-year lease agreements for parking spaces in City-owned parking structures.
• Sponsors: ALD. BAUMAN
• Indexes: AGREEMENTS, CITY PROPERTY, LEASES, PARKING, PARKING STRUCTURES

Date	Ver.	Action By	Action	Result	Tally
8/10/2007	1	MAYOR	SIGNED
7/31/2007	1	COMMON COUNCIL	ADOPTED	Pass	14:0
7/18/2007	1	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearances by: Ms. Dorinda Floyd, Department of Public Works, Administrative Services Director Ms. Cindy Angelos, Department of Public Works, Administration Services Ms. Allison Rozek, Department of City Development Mr. Craig Kammholz, Director of Financial Services, Comptroller Office	Pass	5:0
7/17/2007	1	CITY CLERK	DRAFT SUBMITTED
7/16/2007	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
7/12/2007	0	PUBLIC WORKS COMMITTEE	REFERRED TO
7/11/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070560
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. BAUMAN
Title
Substitute resolution authorizing the Department of Public Works to enter into multi-year lease agreements for parking spaces in City-owned parking structures.

Analysis
This resolution authorizes the Department of Public Works to negotiate the terms of multi-year lease agreements with private entities to lease parking spaces in City-owned parking structures based upon availability, and directs the Department to submit each multi-year lease agreement to the Common Council for review and approval.

Body

Whereas, Several private entities have approached the Department of Public Works seeking multi-year agreements to lease parking spaces, specifically in the Park East redevelopment area; and

Whereas, In order to accommodate these requests the Department of Public Works is seeking authorization to enter into multi-year lease agreements with private entities to lease parking spaces in City-owned parking structures based upon availability; and

Whereas, The lease terms would be structured to reflect rates as determined by the Department of Public Works; and

Whereas, The City of Milwaukee issues tax-exempt governmental debt to finance capital improvements to City-owned parking structures and the debt service is funded in the Parking Fund; and

Whereas, Certain rules relating to the issuance of tax-exempt governmental debt may prevent the Department of Public Works from entering into multi-year lease agreements with private entities to lease parking spaces in City-owned parking structures; and

Whereas, The City Comptroller would consult with bond counsel to determine if the tax-exempt status of the bonds are at issue and if so, work cooperatively with the Department of Public Works to develop and implement a least cost financing option to issue debt for capital improvements; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Department of Public ...