The Milwaukee County Board and Milwaukee Art Museum signed an agreement Monday that gave the museum ownership of several buildings, including O'Donnell Park and its multi-level parking garage.
The signing came 18 months after the board voted to enter a non-cash agreement with the art museum for the property.
Board Chairman Theodore Lipscomb, Sr., lauded the deal as he announced the signing. He said the art museum assumes responsibility for maintenance costs for the structures, while the county retains ownership of the land.
"This agreement saves Milwaukee County an estimated $28 million in deferred maintenance and future costs, and will cut in half our annual subsidy for the Milwaukee Art Museum after 2023," he said. "This is a good deal for taxpayers and promotes the use and enjoyment of Milwaukee County's lakefront property for the benefit of the public."
The deal with the art museum came together after the majority of the board rejected Northwestern Mutual Life Insurance Co.'s $14 million offer to purchase O'Donnell Park in Dec. 2014.
According to the statement, the art museum assumes responsibility for maintenance of the Kahler building, portions of the Saarinen Building that it occupies, the 9-acre O'Donnell Park and the garage beneath it.
The art museum also becomes the leaseholder of the Betty Brinn Children's Museum and Coast restaurant.
The Milwaukee County War Memorial will be responsible for maintaining the portions of the Saarinen Building that it occupies.