Number
050035
Version
ORIGINAL
Reference
Sponsor
ALD. HINES
Title
Resolution increasing Tax Incremental District No. 40 (North 35th Street and West North Avenue) in the amount of $400,000 to create the North Avenue Economic Development Fund within Tax Incremental District No. 40, in the 15th Aldermanic District, and authorizing a grant to the North Avenue Community Development Corporation in the amount of $100,000 from this Fund.
Analysis
Adoption of this resolution approves a $400,000 increase in the budget and additional borrowing for TID No. 40 and approves a grant from the TID to the North Avenue Community Development Corporation in the amount of $100,000.
Body
Whereas, On September 6, 2000, the Common Council of the City of Milwaukee ("Common Council") adopted File No. 000429, which approved a Project Plan and created Tax Incremental District No. 40 (North 35th Street and West North Avenue); and
Whereas, On May 3, 2005, the Common Council adopted File No. 041704, which approved a Cooperation Agreement between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for administration of the North Avenue Economic Development Fund ("Cooperation Agreement"); and
Whereas, The Project Plan and Feasibility Study for Tax Incremental District No. 40 ("TID No. 40") allows for establishment of the North Avenue Economic Development Fund ("Fund") and authorizes borrowing, in phases, to provide Fund dollars; and
Whereas, Up to $400,000 is needed in the Fund for anticipated future projects; and
Whereas, The original Project Plan and Feasibility Study contemplates the need for future funding; and
Whereas, Grants to future projects will be reviewed by the Common Council on a case-by-case basis and will be approved only if they are supportable by anticipated tax incremental revenues; and
Whereas, The North Avenue Community Development Corporation ("NACDC") has submitted an application to the Fund for $100,000 to complete the Columbia Square development; and
Whereas, The Columbia Square development would not be completed without receiving the requested grant; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized and directed to increase TID No. 40, Account No. TD04080000, by up to $400,000 from the Parent TID Account; and, be it
Further Resolved, That a grant from the Fund to the NACDC in the amount of $100,000 is approved subject to the terms and conditions of the Cooperation Agreement; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of City Development, is authorized and directed to perform such acts and to create such subaccounts as are necessary to maintain the fiscal control required to carry out the intent of this Common Council File; and, be it
Further Resolved, That the Commissioner of City Development is authorized to enter into all contracts or agreements to carry out these activities.
Drafter
DCD:JWS:jws
05/03/05/A