Number
151193
Version
ORIGINAL
Reference
140456
Sponsor
ALD. COGGS
Title
Resolution authorizing the First Amendment to 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 resolution directs the City of Milwaukee to enter into a First Amendment to 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, Pursuant to Common Council File No. 140456, the City of Milwaukee (“City”), the Redevelopment Authority of the City of Milwaukee (“RACM”) and Walker’s Landing of Wisconsin, Inc. (“Developer”) entered into a Riverwalk Development Agreement (“the Agreement”) for the construction of riverwalk and dockwall improvements adjacent to the property at 2040 North Riverboat Road; and
Whereas, The Agreement provided that the City would contribute an amount not to exceed $600,000 from Tax Incremental District No. 22 (“TID No. 22”); and
Whereas, The City, RACM and the Developer wish to amend the Agreement to provide for an additional $53,000 in funding for the construction of riverwalk and dockwall improvements as summarized in a chart, a copy of which is attached to this Common Council File as Exhibit A to the Agreement; and
Whereas, The reason for the increase in costs is due to higher than anticipated levels of contaminated soils in the project area; and
Whereas, Even with the increased level of funding, the City’s contribution to the riverwalk and dockwall work will be in compliance with the City’s riverwalk and dockwall funding guidelines; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute the First Amendment to Riverwalk Development Agreement, a copy of...
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