Number
000909
Version
SUBSTITUTE 1
Reference
991037
Sponsor
ALD. D'AMATO
Title
Substitute resolution approving the Public Improvement Development and Maintenance Agreement for Business Improvement District No. 20 (East North Avenue Streetscaping) between the City of Milwaukee and the East North Avenue Business Improvement District.
Analysis
Business Improvement District No. 20 was created in 1997 to help improve the East North Avenue commercial district through streetscaping. The Public Improvement Development and Maintenance Agreement details the responsibilities of the City and the BID for the construction, maintenance and financing of the streetscaping project. In particular, it commits the BID to repay $885,950, plus interest, to the City over a 20-year period. It also transfers additional funds for project costs. The City's share of the project cost was provided through Common Council File No. 991037 adopted November 9, 1999.
Body
Whereas, On September 23, 1997, the Common Council of the City of Milwaukee created Business Improvement District No. 20 ("BID No. 20") via File No. 970779 and approved its first year Operating Plan; and
Whereas, The first year Operating Plan for BID No. 20 calls for the BID Board to enter into an agreement with the City of Milwaukee for the financing, installation and maintenance of a mutually acceptable streetscape improvement project for East North Avenue; and
Whereas, The Common Council has provided funding for the City's share of the project cost through File No. 991037 adopted on November 9, 1999; and
Whereas, A Public Improvement Development and Maintenance Agreement for the streetscape project has been prepared with the participation of the BID No. 20 Board and City of Milwaukee departments; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Public Improvement Development and Maintenance Agreement for Business Improvement District No. 20 (East North Avenue Streetscaping), a copy of which is attached to this Common Council File, is approved and that the proper City officials are authorized and directed to execute said Agreement; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the amount of $35,000 from Account No. ST04080000 and $885,950 from Account No. UR04180000 to the appropriate borrowing and expenditure accounts; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of the Department of City Development, is authorized and directed to establish any and all subaccounts in accordance with generally accepted accounting practices and the City guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution, public way improvements associated with the BID No. 20 streetscaping project; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to assist and cooperate with the project.
Drafter
DCD:RFM:rfm
10/24/00