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File #: 090556    Version:
Type: Resolution Status: Passed
File created: 9/1/2009 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 9/22/2009
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of general obligation notes and bonds in the aggregate amount of $7,000,000 for Contingent Borrowing - 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.
Sponsors: THE CHAIR
Indexes: BLIGHTED PROPERTY ACQUISITION, COMMUNITY DEVELOPMENT, GENERAL OBLIGATION BONDS, REDEVELOPMENT, URBAN
Attachments: 1. Cover Letter, 2. Fiscal Note, 3. Letter from Comptroller, 4. Fiscal Analysis, 5. Hearing Notice List

Number

090556

Version

Substitute 1

Reference

090325, 080960, 081159

Sponsor

THE CHAIR

Title

Substitute resolution authorizing the sale and issuance of general obligation notes and bonds in the aggregate amount of $7,000,000 for Contingent Borrowing - 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.

Analysis

Resolution authorizes the sale and issuance of general obligation notes and bonds, using $7,000,000 of Contingent Borrowing to provide funding to the Redevelopment Authority for costs associated with the environmental remediation, demolition and redevelopment of TID 74, the former A.O. Smith / Tower Automotive complex at 3533 N. 27th St.

 

The TID 74 Plan included $10 million of grants from the City. $3 million of the grant is funded by previously budgeted authority for the 30th St. Industrial Corridor. This file provides the remaining $7 million of the grant.

 

Body

Whereas, Resolution file number 090325 authorized the creation of Tax Incremental District No. 74 for the North 3th Street and West Capitol Drive area (“TID 74”); and

 

Whereas, The plan for TID 74 includes $10 million of grants from the City, $3 million of which is provided by previously budgeted amounts for the 30th Street Industrial Corridor, and the City desires to provide funds for the remaining $7,000,000 of the grant through 2009 contingent borrowing 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, The 2009 Budget authorizes $130,000,000 of borrowing for contingent purposes; and

 

Whereas, The Common Council desires that these notes be permitted to be issued with the Corporate Purpose Notes authorized by Resolution File Number 080960, and/or with the Corporate Purpose Bonds authorized by Resolution File Number 081159; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes and declares its purpose to use 2009 contingent borrowing purposes to issue general obligation short-term promissory notes pursuant to the provisions of sec. 67.12(12), Stats. and/or as general obligation bonds pursuant to the provisions of sec 67.05(5), Stats., in an amount not to exceed $7,000,000 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, The notes may be issued as an authorized purpose for Contingent Borrowing as provided for in Resolution File Number 080960 and/or as bonds as provided for in Resolution File Number 081159. Such amounts may be issued for the purpose of Tax Incremental Districts, and the Department of City Development may decide whether or not such debt shall be charged as an expense to TID 74.

 

Requestor

Comptroller

 

Drafter

RSL

PD-7566bW.rtf

9/11/09