Number
150103
Version
ORIGINAL
Sponsor
CHAIR
Title
Resolution approving a parking agreement between the City of Milwaukee and Mo Street Development, LLC at the 2nd/Plankinton parking structure.
Analysis
This Resolution approves the Parking Agreement between City of Milwaukee and Mo Street Development, LLC, which provides up to 75 monthly parking spaces initially at a reduced monthly rate for tenants of the Posner Building redevelopment being undertaken by Mo Street.
Body
Whereas, In 1960, the City of Milwaukee constructed a 480-space parking structure located at 724 N 2nd Street, Milwaukee, Wisconsin, generally known as 2nd/Plankinton Parking Structure, (“the Structure”). The Structure was constructed to provide parking for monthly, transient, and event parkers in the area. The City operates the Structure though a management contractor; and
Whereas, Mo Street is redeveloping the Posner Building into apartments, located at 152 W Wisconsin Avenue, Milwaukee, Wisconsin, and proposes to accommodate between 15-75 of its tenants with unreserved parking in the Structure. Mo Street plans to construct up to 39 off-street parking spaces, but has a need for 114 tenant parking spaces. On-street parking is limited in the area, particularly between December and March, when winter parking restrictions are in effect; and
Whereas, Mo Street plans to allow each tenant to contract individually with the City’s parking management company on a month-to-month basis for parking at a reduced rate of $100 (the current rate for monthly unreserved parking is $120 per space, per month). Commencing January 1, 2017, the parking rate charged to Mo Street’s tenants will be increased to the same rate that is being charged to the general public for monthly unreserved parking, and for the duration of this Agreement, shall remain equal to the rate charged to the general public for monthly unreserved parking; and
Whereas, The term of this Agreement shall commence on August 1, 2015...
Click here for full text