Number
001800
Version
ORIGINAL
Reference
Sponsor
ALD. GORDON
Title
Resolution authorizing expenditures from the Development Fund account for the Targeted Commercial Development Fund. (DCD)
Analysis
This resolution authorizes and directs the appropriate City officials to transfer $200,000 from the Development Fund account to a new subaccount. The funds will be used to fund the Department of City Development's Targeted Commercial Development Fund, which provides grants to job creating businesses locating or expanding in designated commercial districts in the central city.
Body
Whereas, The City of Milwaukee's Capital Budget provides for the Development Fund; and
Whereas, The City of Milwaukee ("City") has an ongoing commitment to the revitalization of commercial districts in central city neighborhoods; and
Whereas, The Targeted Commercial Development Fund ("TCDF") is a program operated by the Department of City Development and typically funded by the Community Block Grant Administration ("CBGA") and the City's Development Fund; and
Whereas, The CBGA is unable to provide additional funding support for the TCDF at this time; and
Whereas, The TCDF, since its establishment in 1999, has assisted 18 new businesses create 127 new jobs and leverage $6.4 million of new investment by making grants totaling $472,000; and
Whereas, The businesses assisted by the TCDF are located on Lincoln Avenue, Lisbon Avenue, Center Street, North Avenue, Dr. Martin Luther King, Jr. Drive, Hopkins Street, Kinnickinnic Avenue, Vliet Street, and Walnut Street; and
Whereas, The TCDF had $200,000 in CDBG and Development Fund resources available for Year 2001 and over the last 3 months of the Year 2000 and the first 3 months of the Year 2001, the program allocated $228,000 creating 60 new jobs and leveraging $2.4 million of private investment; and
Whereas, Because the program has allocated all of the resources available to it, the TCDF program is effectively shut down for the balance of the Year 2001; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City Comptroller is authorized and directed to transfer the sum of $200,000 from the Development Fund, Account No. UR03390000, to the proper project and expenditure accounts following the City Attorney's determination of the taxability or nontaxability of the specific borrowing required under this resolution; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of City Development, is authorized and directed to establish any and all subaccounts in accord with generally accepted accounting practices and the City of Milwaukee guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution, the refunding of the TCDF; and, be it
Further Resolved, That the Commissioner of the Department of City Development is authorized and directed to enter into all contracts and agreements necessary to carry out all project activities; and, be it
Further Resolved, That all City officials, departments, boards, agencies, and commissions are authorized and directed to assist and cooperate with this program.
Drafter
DCD/MB/mb
04/10/01/A