Number
041508
Version
ORIGINAL
Reference
040639
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer of funds to cover the 2005 costs for Tax Incremental District No. 56 (Erie/Jefferson) on the north bank of the Milwaukee River between North Broadway and the Harbor Entrance to Lake Michigan in the 4th Aldermanic District.
Analysis
This resolution authorizes the transfer of funds from the TID Parent Account to the TID 56 Project Account to cover the 2005 costs identified in the Project Plan. Adoption of this resolution provides the sum of $3,375,000 to the TID 56 Project Account setting aside the total amount of $3,625,001 to cover TID 56 project costs.
Body
Whereas, Under File No. 040639 adopted on September 23, 2004, the Common Council approved a Project Plan for Tax Incremental District No. 56 (“TID No. 56”) and appropriated the sum of $250,001 to implement 2004 project activities; and
Whereas, The Project Plan anticipated an expenditure of $3,375,000 for 2005 project activities; and
Whereas, The Common Council desires to appropriate the sum of $3,375,000 consistent with the Project Plan approved under File No. 040639; 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 $3,375,000 from the Parent TID Account to Project Account No. TD05680000 for the purpose of providing funds necessary to implement 2005 activity as estimated in the TID No. 56 Project Plan; 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 accounts and subaccounts and make all appropriate transfers upon request by the Department of City Development for all revenue or expenditure activity under this resolution; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to provide such assistance as is necessary to further the intent and purpose of this resolution and the Project Plan.
Drafter
DCD:MJW:mjw
02/22/05/A