By OnMilwaukee Staff Writers   Published Mar 12, 2013 at 12:45 PM

The lakefront's most famous tenants have reached a tentative agreement as of today's Milwaukee County Parks Committee meeting.

The Milwauke Art Museum and Milwaukee County War Memorial, Inc. reached an agreement regarding the ongoing management of the buildings and grounds that they both occupy – a agreement based on a term sheet finalized by negotiators for both teams last week.

Some terms of the agreement include:

  • The Art Museum and War Memorial Center will continue to operate as legally independent organizations with separate governing structures, although they will join forces on some programming and Veterans' events.
  • Both organizations will continue to manage, maintain and control the spaces they currently occupy as well as the revenue from those respective spaces.
  • The Art Museum will progress with their plains for a $15 million renovation that features gallery and building improvements.
  • The War Memorial retains control of the North Tract but any future developments must be approved by the Art Museum and Milwaukee County.
  • The War Memorial Center and the Art Museum will collaborate on a hybrid-engineering model supporting the separation of the campus mechanical systems.