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File #: 141323    Version:
Type: Resolution Status: Passed
File created: 11/25/2014 In control: COMMON COUNCIL
On agenda: Final action: 2/10/2015
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of promissory notes in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects.
Sponsors: ALD. BAUMAN
Indexes: BONDS, GOVERNMENT, REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Proposed Substitute A, 2. Budget Response, 3. Hearing Notice List, 4. Amendment Motion by Ald. Dudzik 12-15-14, 5. Amendment Motion by Ald. Dudzik 12-16-14
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
2/10/20151 MAYOR SIGNED   Action details Meeting details Not available
2/10/20151 COMMON COUNCIL RECONSIDEREDFail6:9 Action details Meeting details Video Video
1/21/20151 COMMON COUNCIL ADOPTEDPass10:5 Action details Meeting details Video Video
1/21/20151 COMMON COUNCIL RECONSIDERED AND ENTERED IN JOURNALPass7:8 Action details Meeting details Not available
12/16/20140 COMMON COUNCIL AMENDED

Minutes note: Ald. Dudzik moved to amend this resolution by deleting the "Further Resolved" clause and inserting in lieu thereof the following: "Further Resolved, That none of the amounts authorized by this resolution may be expended for the Streetcar project or other similar purposes."		Fail5:9 Action details Meeting details Video Video
12/16/20140 COMMON COUNCIL HELD IN COUNCILPass5:9 Action details Meeting details Video Video
12/15/20140 FINANCE & PERSONNEL COMMITTEE SUBSTITUTED

Minutes note: Individuals appearing: Ald. Robert Bauman, 4th Aldermanic District Dennis Yaccarino, Budget and Management Office Ald. Coggs moved substitution of the file with Proposed Substitute A. (5-0)		Pass5:0 Action details Meeting details Video Video
12/15/20141 FINANCE & PERSONNEL COMMITTEE AMENDED

Minutes note: Ald. Dudzik moved to amend the resolution by adding a "Further Resolved" clause at the end of the resolution to read as follows: "Further Resolved, That none of the amounts authorized by this resolution may be expended for the Streetcar project or other similar-type purposes." (Failed 1-4) 		Fail1:4 Action details Meeting details Not available
12/15/20141 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTIONPass4:1 Action details Meeting details Not available
12/10/20140 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20140 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20140 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20140 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/25/20140 COMMON COUNCIL ASSIGNED TOFail  Action details Meeting details Not available
Number
141323
Version
SUBSTITUTE 1
Reference
 
Sponsor
ALD. BAUMAN
 
Title
Substitute resolution authorizing the sale and issuance of promissory notes in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects.
 
Analysis
Resolution authorizes the issuance and sale of promissory notes for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337, in the amount of $16,500,000.  The intent is to use the promissory notes to finance the streetcar costs in Tax Incremental District 56.
 
Body
Whereas, The 2015 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of promissory notes in accordance with State Statue 67.12(12) in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337; and
 
Whereas, Use of promissory notes to finance the streetcar project included in Tax Incremental District 56 will produce $3 million in savings as compared to a general obligation bond; now, therefore, be it
 
Resolved, By the Common Council of the City of Milwaukee that it hereby authorizes and declares its purpose to sell and issue promissory notes in accordance with State Statue 67.12(12) in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337; and, be it
 
Further Resolved, That it is the intent of the Common Council of the City of Milwaukee that the promissory notes be used to finance streetcar costs in Tax Incremental District 56.
 
Drafter
DOA-Budget and Management Division
Dennis.Yaccarino:dy
12/10/14