Number
161451
Version
ORIGINAL
Reference
031225
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer and expenditure of $87,835.98 from the Business Improvement District capital account for the purpose of funding the approved 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15.
Analysis
This resolution provides funding for the 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15, which was adopted in Common Council File No. 031225 on January 21, 2004. The original file appropriated $750,000 from the Development Fund parent account to segment UR03395200. Since this project has taken longer than originally expected, $93,445.98 of borrowing authority has since expired. The Development Fund has not received a new budget appropriation since 2011, and it does not have any parent level appropriation available to replace the expired borrowing authority. Since the Business Improvement District capital account is used in a similar manner as this project’s original funding, it has been determined to be an acceptable source to replace the expired borrowing authority.
Body
Whereas, On January 21, 2004, the Common Council of the City of Milwaukee adopted File No. 031225, which approved the 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15; and
Whereas, File No. 031225 authorized and directed the City Comptroller to transfer the sum of $750,000 from the DCD Development Fund to the Riverwalk Enhancement account (Account No. UR03395200); and
Whereas, $93,445.98 of that original $750,000 of borrowing authority expired in 2012 and it is still needed to complete the project; and
Whereas, The final invoice has been received and this project has officially been completed; and
Whereas, The Business Improvement District capital account has adequate authority and is used in a similar manner providing loans to Business Improvement Districts; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized and directed to transfer $87,835.98 from the Business Improvement District Fund to BID No. 15 Riverwalk Enhancement project (1910-UR04181030); and, be it
Further Resolved, That all City officials and departments are authorized and directed to provide all such assistance to carry out the intent and purposes of this resolution.
Drafter
DCD:David.Schroeder:ds
02/07/17/B