City of Milwaukee - File #: 160417

• File #: 160417
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/6/2016
• In control: COMMON COUNCIL
• Final action: 7/26/2016
• Title: Substitute resolution authorizing a Riverwalk Development Agreement and an expenditure for construction of a riverwalk segment adjoining the property at 234-36 South Water Street, in the 12th Aldermanic District.
• Sponsors: THE CHAIR
• Indexes: RIVERWALKS

Date	Ver.	Action By	Action	Result	Tally
8/3/2016	1	MAYOR	SIGNED
7/26/2016	1	COMMON COUNCIL	ADOPTED	Pass	15:0
7/19/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Individual appearing: Alyssa Remington, Department of City Development Ald. Coggs moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
7/19/2016	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/14/2016	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/6/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160417
Version
SUBSTITUTE 1
Reference
160416
Sponsor
ALD. PEREZ
Title
Substitute resolution authorizing a Riverwalk Development Agreement and an expenditure for construction of a riverwalk segment adjoining the property at 234-36 South Water Street, in the 12th Aldermanic District.
Analysis
This substitute resolution directs the City of Milwaukee to enter into a Riverwalk Development Agreement with LCM Funds 38 Harbor View, LLC and the Redevelopment Authority of the City Milwaukee to share in the total cost of constructing a riverwalk, dockwall and the stub end of Oregon Street with funds provided from TID No. 68.
Body
Whereas, LCM Funds 38 Harbor View, LLC (“Developer”), the owner/developer of the property located at 234-36 South Water Street (“Property”), desires to construct a riverwalk along the Milwaukee River adjacent to the 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. 68 (Fifth Ward - First Place), not to exceed $1,630,000, to finance 70 percent of the cost to construct the Riverwalk, 50 percent of the cost of the dockwall and 100 percent of the cost of the stub end of Oregon Street; 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,...