Number
030289
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution related to expenditure of funds to be reimbursed by greater than anticipated revenue (Dept. of City Development).
Analysis
This resolution authorizes the Department of City Development to expend additional funds for expenses directly related to Developer Financed Tax Increment District loan repayments. Cash Revenues have been received through the tax increment and await additional expenditure authority to be utilized for their intended purposes.
Body
Whereas, Common Council File 980965 established procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and
Whereas, The City of Milwaukee has received tax increment revenues intended to make loan repayments on behalf of developers who privately financed projects to be repaid from TID revenues; and
Whereas, The Department of City Development received Common Council approval for TID #41 (Time-Warner Riverwalk Extension formerly known as Harley Riverwalk) under the Project Plan Resolution 000428 and the Development Agreement Resolution 000689, both adopted September 22, 2000; and
Whereas, The Comptroller has certified greater than anticipated revenue in the amount of $290,811, pursuant to s. 304-91,
Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before December 31, 2003 and is to be expended only for the purposes in this resolution.
John Egan/cdk for City Comptroller
Date: 6/23/03
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that $290,811 is appropriated to the Capital Improvements Tax Increment Financed Urban Renewal Projects - Developer Revenues account 0336-1910-R999-TD000010000; and, be it
Further Resolved, That the Redevelopment Authority of the City of Milwaukee will be fully reimbursed for the payment it advanced pending approval of this resolution in order to meet the June 1, 2003 contractual payment date; and, be it
Further Resolved, That the City Comptroller be, and hereby is, authorized and directed to establish the necessary accounts and accounting procedures to carry out the intent of this resolution.
Requestor
Department of Administration
Budget and Management Division
Drafter
JJL
Ref:03010
June 13, 2003
Finance\Resolut\030289res.rtf