Number
071604
Version
SUBSTITUTE 1
Reference
041749
Sponsor
ALD. DAVIS
Title
Substitute resolution authorizing the transfer and expenditure of funds from the Development Fund for the Business Improvement District Commercial and Economic Development Fund.
Analysis
This substitute resolution directs the appropriate City officials to transfer $200,000 from the Development Fund to the Business Improvement District Commercial and Economic Development Fund. These funds will be used to support commercial and economic development activities in Business Improvement Districts.
Body
Whereas, The City of Milwaukee's (“City”) Capital Budget provides for the Development Fund; and
Whereas, The City has an ongoing commitment to the creation and growth of Business Improvement Districts throughout the City; and
Whereas, The Department of City Development (“DCD”) will provide economic development resources via the Business Improvement District Commercial and Economic Development Fund Program and Program Guidelines, which were established by the Common Council under File No. 041749 on May 3, 2005 to assist Business Improvement Districts in their efforts to revitalize the City's commercial districts; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is directed to transfer $200,000 from the Development Fund Parent Account to the Business Improvement District Commercial and Economic Development Fund Account No. UR03397200 for the purposes stated herein and according to the established Program Guidelines; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of DCD, is directed to establish any and all subaccounts in accordance with generally accepted accounting practices and the City guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution.
Drafter
DCD:RFM:rfm
03/28/08