Number
140456
Version
SUBSTITUTE 1
Reference
051169
Sponsor
ALD. COGGS
Title
Substitute resolution authorizing a Riverwalk Development Agreement and an expenditure for construction of a Riverwalk segment adjoining the property at 2070 North Riverboat Road, in the 6th Aldermanic District.
Analysis
This substitute resolution directs the City of Milwaukee to enter into a Riverwalk Development Agreement with Walker's Landing of Wisconsin, Inc. and the Redevelopment Authority of the City Milwaukee to share in the total cost of constructing the riverwalk improvement with funds provided from TID No. 22.
Body
Whereas, Walker's Landing of Wisconsin, Inc., ("Developer") the owner/developer of the property located at 2070 North Riverboat Road ("Property"), desires to construct a riverwalk along the Milwaukee River, a portion of which will be adjacent to the Property and a portion of which will be located on City-owned property ("Riverwalk"); and
Whereas, The Developer is willing to construct, maintain and repair the Riverwalk; and
Whereas, The City of Milwaukee ("City") is willing to provide the Developer with certain funds from Tax Incremental District ("TID") No. 22 (Beerline B), not to exceed $600,000, to finance 70 percent of the cost of constructing the Riverwalk, 50 percent of the cost of the dockwall and 100 percent of the cost to construct the Riverwalk located on City property underneath the Humboldt Avenue Bridge; and
Whereas, In consideration of City reimbursement for a portion of the construction cost of the Riverwalk, the Developer is willing to convey a non-exclusive, permanent, public-access easement to the City; and
Whereas, The City has been requested to execute and deliver that certain Riverwalk Development Agreement by and among the Developer, the Redevelopment Authority of the City of Milwaukee ("RACM") and the City, a copy of which is attached to this Common Council File and is substantially in the form, as submitted herewith, to evidence the agreements therein contained; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute a Riverwalk Development Agreement; and, be it
Further Resolved, That the proper City officials are directed to accept a Public Access Easement and that the Commissioner of the Department of City Development is directed to sign for acceptance of such easement; and, be it
Further Resolved, That the proper City officials, in consultation with the City Attorney's office, are authorized to make non-substantive changes to the Riverwalk Development Agreement, without further Common Council action as necessary to achieve the intent of the City's action and to provide for construction of the Riverwalk; and, be it
Further Resolved, That the City shall make available to RACM up to $600,000 in funds from TID No. 22, as authorized in Common Council File No. 051169, to allow RACM to supply the reimbursement to the Developer for the specified share of the cost of constructing the Riverwalk improvements.
Drafter
DCD:Alyssa.Remington:aer
07/10/14