Number
130894
Version
ORIGINAL
Reference
Sponsor
ALD. WADE
Title
Resolution directing the proper City officials to enter into a Financial Assistance Award from the U.S. Department of Commerce, Economic Development Administration, for an Economic Adjustment Assistance Grant for the Century City Infrastructure Project, in the 7th Aldermanic District.
Analysis
This resolution directs the proper City officials to enter into a Financial Assistance Award from the U.S. Department of Commerce, Economic Development Administration, for an Economic Adjustment Assistance Grant for construction of new infrastructure at the Century City Business Park. The financial award is part of an overall project cost of $1,999,300, with matching funds of $999,650, which were authorized by the Redevelopment Authority of the City of Milwaukee ("RACM") on March 11, 2013 under its Resolution No. 10403. RACM is the lead agent for the grant, and it will account for all grant revenues and expenditures. The City of Milwaukee has no financial obligation toward the grant match.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee ("RACM") was the lead applicant for U.S. Department of Commerce, Economic Development Administration ("EDA"), Economic Adjustment Assistance funding, with the City of Milwaukee as co-applicant; and
Whereas, On September 25, 2013, the EDA awarded a $999,650 Economic Adjustment Assistance Grant for the Century City Infrastructure Project; and
Whereas, This grant will fund infrastructure development at the Century City Business Park, including an entrance gateway and destination marker, initial access road and public right-of-way to promote marketing and land sales to prospective companies; and
Whereas, The EDA requires the federally-funded activity to remain within the public realm for the estimated 20-year life of the project, which required the City of Milwaukee ("City") to be co-applicant to RACM, since RACM will transfer ownership of the infrastructure to the City after construction; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to enter into a Financial Assistance Award from the EDA for the $999,650 Economic Adjustment Assistance Grant for construction of new infrastructure at the Century City Business Park; and, be it
Further Resolved, That the proper City officials, or designees, are directed to execute and record a covenant of use and purpose declaring EDA's interest in said real property; and, be it
Further Resolved, That the proper City officials, or designees, are directed to prepare files and related documents to accomplish the design and construction of the project; and, be it
Further Resolved, That upon project completion, the proper City officials, or designees, are directed to execute all documents and instruments necessary to transfer ownership of the infrastructure from RACM to the City by deed, easement or dedication; and, be it
Further Resolved, That the Department of City Development and the City's Office of Small Business Development shall enter into a Cooperation Agreement to administer the loan fund according to program guidelines.
Drafter
DCD:KLB:klb
10/15/13/A