City of Milwaukee - File #: 070979

• File #: 070979
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/23/2007
• In control: PUBLIC WORKS COMMITTEE
• Final action: 11/21/2007
• Title: Substitute resolution authorizing the Department of Public Works to enter into a multi-year agreement with Fourth and Highland, LLC, to lease parking spaces in the City-owned parking structure at 4th Street and Highland Avenue.
• Sponsors: ALD. BAUMAN
• Indexes: AGREEMENTS, PARKING, PARKING STRUCTURES

Date	Ver.	Action By	Action	Result	Tally
12/4/2007	1	MAYOR	SIGNED
11/21/2007	1	COMMON COUNCIL	ADOPTED	Pass	14:0
10/30/2007	1	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearances by: Dorinda Floyd, Admin. Services Director, Dept. of Public Works-Administrative Services Div. Craig Kammholz, Directo of Financial Services, Comptroller's Office David Florsheim, Representative for Ruvin Development	Pass	5:0
10/25/2007	0	PUBLIC WORKS COMMITTEE	REFERRED TO
10/25/2007	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
10/23/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070979
Version
SUBSTITUTE 1
Reference
070560
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the Department of Public Works to enter into a multi-year agreement with Fourth and Highland, LLC, to lease parking spaces in the City-owned parking structure at 4th Street and Highland Avenue.
Analysis
This resolution authorizes the Department of Public Works to enter into a multi-year agreement with Fourth and Highland, LLC, to lease parking spaces in the City-owned parking structure at 4th Street and Highland Avenue.
Body
Whereas, Fourth and Highland, LLC, approached the Department of Public Works seeking a multi-year agreement to lease parking spaces in the City-owned parking structure at 4th Street and Highland Avenue to accommodate 2 development projects in the Park East corridor; and

Whereas, Fourth and Highland, LLC, is proposing an investment of $206 million to develop commercial properties on the 300 block of W. McKinley Avenue to include a 180-room Kimpton Hotel, 72 luxury high-rise condominiums, street level retail space, a spa, a health club, a nightclub, a restaurant and a 327-space parking structure, and to develop the 1200 block of N. Old World Third Street to include a 160-room Aloft Hotel, 13 luxury-lofted condominiums, enclosed parking for the condominiums, meeting and banquet space and street-level retail space; and

Whereas, The project also includes acquisition and renovation of the Riverfront Plaza totaling $12 million over a 5-year period to accommodate a new restaurant and to update all common areas, lobbies, restrooms and the building exterior; and

Whereas, During the construction phase and thereafter, Fourth and Highland, LLC, requires certain parking for these projects to include monthly unreserved, 24-hour reserved and hotel parking; and

Whereas, The term of the lease is for 25 years with one optional 15-year extension followed by one optional 10-year extension per the request of Fourth and Highland, LLC, to meet...