Under the plan county leaders and Northwestern Mutual have discussed, the company would pay $12.7 million for the lakefront garage.
Milwaukee County would use more than half the money to pay off existing debt on the structure and pump the rest - about five-million dollars, into improving county parks.
The company has reportedly agreed to upgrade the O'Donnell garage and keep spaces available for the public, however, the garage would be added to the tax rolls. The top would remain a public park.
County Executive Abele praises the proposal, stating, "Not only will this sale allow us to continue to improve our beautiful parks, it’s also a great partnership with a company that has made a strong commitment to our community.” NML is preparing to build a new office tower downtown.
Within a few weeks, the Milwaukee County Board is expected to begin considering the proposed sale.
Chairwoman Marina Dimitrijevic released a statement reading, in part, "We are the branch of government closest to the people and we will take up this proposal in an open, transparent conversation with the community before any action is taken. I encourage residents to attend hearings, speak with your Supervisors and bring your questions to the table."