Number
230195
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution relating to acceptance and expenditure of a Wisconsin Economic Development Corporation Community Development Investment Grant for The New State MKE LLC at 2608 West State Street, Milwaukee, Wisconsin, 53233, in the 4th Aldermanic District.
Analysis
This resolution authorizes the Department of City Development to accept and expend a Community Development Investment Grant from the Wisconsin Economic Development Corporation in the amount of $250,000, with total project costs in excess of $500,000, and enter into an agreement, if the grant is awarded. The purpose of the project is to assist in the redevelopment of the space into a new café and restaurant in the Avenues West neighborhood in the City of Milwaukee.
Body
Whereas, The City of Milwaukee (“City”) is eligible for grant funds from the Wisconsin Economic Development Corporation (“WEDC”), per a Grant Agreement between WEDC and the City to assist in the redevelopment of The New State/2608 West State Street in the Avenues West neighborhood in the City; and
Whereas, The implementation of this Community Development Investment Grant from April 2023 to September 2024 will involve the expenditure of $500,000 of which $250,000 (50 percent) will be provided by the Grantor, and $250,000 (50 percent) will be provided by the developer; and
Whereas, The City recognizes that the redevelopment of The New State is critical to the prosperity of the State Street commercial corridor; and
Whereas, The benefits to the City from this grant project appear to exceed the City's obligations to be incurred under this project; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that acceptance and expenditure of the Community Development Investment Grant is authorized and that the Department of City Development (“DCD”) shall accept this grant without further approval unless the terms of the grant change as indicated in Section 304-81, Milwaukee Code of Ordinances; and, be it
Further Resolved, That the City Comptroller is authorized to:
1. Commit funds within the project/grant parent of the 2023 Special Revenue Grant and Aid Projects Fund, the following amount for the project titled WEDC The New State Investment Grant:
Project Grant: GR000230000000
Fund: 0150
Org: 9990
Program: 0001
Budget Year: 0000
Subclass: R999
Account: 000600
Project: Grantor Share
Amount: $250,000
2. Create the necessary grant and aid project/grant and project/grant levels, budget against these project grant values the amount required under the grant agreement.
3. Establish the necessary city share project values; and, be it
Further Resolved, That these funds are appropriated to DCD, which is authorized to:
1. Expend from the amount appropriated, sums for specified purposes, as indicated in the grant budget, and incur costs consistent with the award date; and, be it
Further Resolved, That the proper City officials and/or the Commissioner of DCD are directed to enter into any contracts or agreements, with the approval of the City Attorney’s Office, to carry out the purpose and intent of this resolution and project.
Drafter
DCD:Matthew.Rejc:mr
05/31/23/A