Number
081443
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution approving the 14th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15.
Analysis
The 14th Amendment to the BID No. 15 Riverwalk Development Agreement increases the budget for Accessibility Improvements to nine segments of the downtown Riverwalk system. The 13th Amendment to the Riverwalk Development Agreement authorized funding and development of these improvements and established a budget of $1,500,000, to be funded through the Department of City Development’s Development Fund. This 14th Amendment increases the budget by $3,297,473 to $4,797,473 based on changes to the overall scope and design of the improvements. The additional $3,297,473 will be funded initially by the City with 22 percent of such amount to be repaid to the City by BID No. 15.
Body
Whereas, The City of Milwaukee (“City”) and Business Improvement District (“BID”) No. 15 entered into a Riverwalk Development Agreement for the District dated May 23, 1994; and
Whereas, The Agreement established the standards, rules and procedures for construction of the downtown Riverwalk; and
Whereas, The Agreement has been amended 13 previous times; and
Whereas, The City and BID No. 15 previously approved a funding plan for these Accessibility Improvements based upon an initial estimated cost for the project of $1,500,000; and
Whereas, The current budget for the anticipated Accessibility Improvements indicated a cost of up to $4,797,473; and
Whereas, BID No. 15 has agreed to contribute toward the cost of the Accessibility Improvements in an amount equal to the 22 percent standard used throughout the Riverwalk development program; and
Whereas, The share for BID No. 15 is estimated to be $910,714, which will be paid back to the City by the BID under the terms and conditions of the original Riverwalk Development Agreement; now, therefore, be it
Resolved, By the Common Council of the ...
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