Bay agrees to fund underground parking restoration at Fox Bay building
Village spending $277,000; designates 20 surface parking spaces in exchange
Whitefish Bay - The village of Whitefish Bay plans to help fund the rehabilitation of 24 underground parking stalls below the Fox Bay building.
The Village Board on Monday approved a proposed development agreement with New Land Enterprises specifying that the village will contribute $277,000 of the estimated $300,000 project costs to restore the parking to a usable condition.
Village Attorney Chris Jaekels said the village's contribution will come from funds available in Tax Incremental Financing (TIF) District No. 1, with payments to New Land Enterprises to be made periodically as the project is completed.
In exchange, the agreement will allow the village to designate 20 surface stalls in the area as two-hour public parking spaces.
Jaekels said that the agreement, combined with the parking that will be added as part of the Mandel Group apartment development, will result in a net gain of parking in the area. It also will provide spaces to help offset the shortage of parking during construction of the Mandel development, he added.
As originally proposed, the agreement specified that New Land Enterprises would be responsible for maintaining the underground parking area for 20 years following project completion. However, trustees requested that time frame be extended to 25 years.
The underground parking improvements must be completed by Feb. 15, 2013, according to the agreement. New Land Enterprises would be allowed a maximum of 45 additional days beyond that deadline, if needed, Jaekels added.
Should New Land Enterprises fail to complete the project by that time or to maintain the parking spaces for the specified 25-year time period, the village would have the option of taking control of the property.
Jaekels said the Village Board's vote authorizes him and Village Manager Patrick DeGrave to finalize the agreement, in consultation with the village president or other board designee.
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