Number
030389
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. GORDON
Title
Substitute resolution authorizing expenditures from the Development Fund for the Retail Investment 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 to fund the Department of City Development's Retail Investment Fund. The Retail Investment Fund 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 the Central City neighborhoods; and
Whereas, The Retail Investment Fund ("RIF") 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 demand for the program exceeds the level of support provided by CBGA and CBGA is unable to provide additional funding support for the RIF program at this time; and
Whereas, Since its establishment in 1999, the RIF Committee has approved grants to 47 businesses for the creation of 352 new jobs; and
Whereas, $12,244,689 million in new investment will be leveraged by the making of grants totaling $1,166,500; and
Whereas, The RIF program has assisted 35 minority owned businesses and 35 women owned businesses since its inception; and
Whereas, The businesses assisted by the RIF are located on Lincoln Avenue, Lisbon Avenue, Center Street, North Avenue, Fond du Lac Avenue, Dr. Martin Luther King, Jr. Drive, Hopkins Street, Howell Avenue, North 27th Street, Kinnickinnic Avenue, Roosevelt Boulevard, Vliet Street, Walnut Street, Muskego Avenue, Mitchell Street and Holton Street; 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 Parent Account to the proper project and expenditure account, UR03392600, 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 guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution, the refunding of the RIF; and, be it
Further Resolved, That the Commissioner 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:mlb
07/28/03/crr