NUMB:
991996
VERS:
SUBSTITUTE 2
REF:
991643
XXBY:
ALD. PAWLINSKI
TITL:
Substitute resolution relative to appropriation and funding of Tax Incremental District No. 38 (500 West Grange Avenue).
ANLS:
- Analysis -
This substitute resolution establishes accounts for Tax Increment District No. 38.
BODY:
Whereas, With the adoption of Common Council File No. 991643 on April 11, 2000, the City of Milwaukee ("City") created Tax Incremental District No. 38 ("TID No. 38"); and
Whereas, Funding for project costs in TID No. 38, in the approximate amount of $880,000, are to be provided to the City by the Milwaukee Economic Development Corporation ("MEDC"), pursuant to a Development Agreement between the City, MEDC, and Real Estate Recycling, LLC, the developer for TID No. 38; and
Whereas, Repayments of funds provided by MEDC, including interest thereon, is to be made solely from tax incremental revenue actually received by the City from TID No. 38; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that a variance is authorized from the procedures of File No. 68-461-X, being the Guidelines for the Control of Capital Expenditures, and directs the City Comptroller to:
1. Establish a supplemental appropriations offset by estimated revenue appropriation account to accept the $880,000 of MEDC funds.
2. Authorizes the City Comptroller to transfer funds to the TID No. 38 Account, No. 0336-1910-TD03880000.
3. Directs the project to proceed after the deposit of funds by the developer; and, be it
Further Resolved, That the City Comptroller also will establish appropriate accounts within the TID No. 38 project account, No. 0336-1910-TD03880000, to appropriate tax increment collections equal to the total amount required to repay MEDC as provided in the Term Sheet for this TID approved by File No. 991643; and, be it
Further Resolved, That the City Comptroller is authorized to establish all accounts and make all appropriation transfers upon request by the Department of City Development for all revenue or expenditure activity established under this resolution.
ZDPT:
DFTR:
DCD:JS:tda
05/12/00