Number
201565
Version
SUBSTITUTE 1
Reference
150383, 150384, 160620, 200378
Sponsor
ALD. COGGS
Title
Substitute resolution approving the Third Amendment to Cooperation, Contribution and Development Agreement (TIDs No. 22 & 84-Milwaukee Bucks Arena Project) to extend surface parking on Block 5.
Analysis
This substitute resolution approves the Third Amendment to the Cooperation, Contribution and Development Agreement (Tax Incremental Districts 22 & 84-Milwaukee Bucks Arena Project) in order to extend surface parking on Block 5 in the 6th Aldermanic District.
Body
Whereas, The City of Milwaukee (“City”), as approved by Common Council File Nos. 150383 and 150384 on September 22, 2015, entered into the Cooperation, Contribution and Development Agreement dated December 22, 2015, which was amended on September 20, 2016, and again on September 1, 2020 (collectively, as amended, the “Development Agreement”) with the Redevelopment Authority of the City of Milwaukee (“RACM”) and Deer District LLC (the “Bucks”) to facilitate the construction of a new arena (now known as the Fiserv Forum) and related development in the City; and
Whereas, Under the terms of the Development Agreement, Developer’s use of the block surrounded by West McKinley Avenue on the north, North Dr. Martin Luther King, Jr. Drive on the east, West Juneau Avenue on the south and North Vel R. Phillips Avenue on the west (“Block 5”) for temporary surface parking was limited to 24 months after completion of the Greater Arena Project and the Training Facility (as those terms are defined in the Development Agreement); and
Whereas, The Bucks would like to use Block 5 for surface parking for an additional two years and City and RACM would like to authorize two more years of surface parking; and
Whereas, The Bucks agree to pay the City 50 percent of the net revenue from parking operations on Block 5; and
Whereas, RACM owns a parcel on the southeast corner of Block 5 and, at its March 18, 2021, meeting...
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