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File #: 141265    Version:
Type: Resolution Status: Passed
File created: 11/25/2014 In control: COMMON COUNCIL
On agenda: Final action: 12/16/2014
Effective date:    
Title: Substitute resolution approving the Second Amendment to the Marine Terminal Building Development and Riverwalk Agreement and authorizing expenditures, in the 4th Aldermanic District.
Sponsors: ALD. BAUMAN
Attachments: 1. Fiscal Impact Statement, 2. 2nd Amendment to Development and Riverwalk Agreement as of 12-2-14, 3. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/29/20141 MAYOR SIGNED   Action details Meeting details Not available
12/16/20141 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Video Video
12/9/20141 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Lori Lutzka, Department of City Development Rocky Marcoux, Department of City Development Commissioner
Pass3:0 Action details Meeting details Video Video
12/3/20141 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
12/3/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/25/20140 COMMON COUNCIL ASSIGNED TOFail  Action details Meeting details Not available
Number
141265
Version
SUBSTITUTE 1
Reference
040852
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the Second Amendment to the Marine Terminal Building Development and Riverwalk Agreement and authorizing expenditures, in the 4th Aldermanic District.
Analysis
This substitute resolution approves the Second Amendment to the Development and Riverwalk Agreement for the Marine Terminal Building Riverwalk project.
Body
Whereas, The City of Milwaukee (“City”) via adoption of Common Council File No. 040852 on November 3, 2004, entered into the Marine Terminal Building Development and Riverwalk Agreement dated March 7, 2007 (“Agreement”), with Mandel Riverfront Holdings I LLC (“Developer”) and Mandel Riverfront Holdings III LLC (“Expansion Developer”); and

Whereas, Said Agreement established the standards, rules and procedures for construction of the Riverwalk; and

Whereas, The City, the Developer and the Expansion Developer entered into the First Amendment to the Agreement dated August 28, 2008; and

Whereas, The City, the Developer and the Expansion Developer now desire to enter into a Second Amendment to the Agreement to (1) provide funding for the construction of a Riverwalk extension and public improvements to the Jefferson Street Extension and to (2) authorize the Developer and the Expansion Developer to design a pedestrian plaza on the property located at 501 East Erie Street; and

Whereas, The Second Amendment is needed to cover cost increases in the amount of $695,942, for the construction of the Riverwalk extension that have taken place, since the original budget for the Riverwalk extension was created in 2007; and

Whereas, The City is willing to provide the Developer with up to an additional $695,942 for cost increases related to the construction of the Riverwalk extension, in funds from Tax Incremental District No. 56 to finance the cost of constructing these public improvements; now, therefore, be it

Resolved, By the Common Council of...

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