Number
170217
Version
SUBSTITUTE 1
Reference
150383, 150384
Sponsor
ALD. MURPHY AND BOHL
Title
Substitute resolution approving the First Amendment to the Parking Structure Management Agreement between the City of Milwaukee and Deer District, LLC.
Analysis
This resolution approves the First Amendment to the Parking Structure Management Agreement for the Bucks Arena. The Amendment changes the original Agreement as follows:
1. Section I.H. is amended to delete from the definition of “Gross Revenues” revenue from naming rights or sponsorship opportunities; delete “sponsorship fees” from the exclusion; and add to the exclusion any revenues excluded from “Gross Revenues” pursuant to section V.C.
2. Section III.C. is amended to add that a memorandum of both the original Agreement and the First Amendment to the Agreement shall be recorded at the Milwaukee County Register of Deeds Office.
3. Section V.C. is amended to add clarification to net revenue being received for naming rights or sponsorship opportunities by including the example that all naming rights or sponsorship revenues minus costs reasonably incurred by the Manager in securing and fulfilling obligations with respect to the agreement. Additionally, related costs reasonably incurred by Manager in securing and fulfilling obligations with respect to naming rights or sponsorship opportunities shall no longer be considered expenses. Finally, the Manager shall now donate 50% of all net revenue from naming rights or sponsorship opportunities to MKE Plays.
Body
Whereas, Tax Incremental District No. 84 was created on September 22, 2015 by Common Council File Number 150383 for the development of the Bucks Arena; and
Whereas, Amendment No. 4 to the Project Plan and a Development Agreement authorizing expenditures for Tax Incremental District No. 22 (Beerline “B) was passed on September 22, 2015 by Common Council File Number 150384 for the purpose of contributing toward a new parking structure for the Buck...
Click here for full text