Number
031357
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HINES
Title
Substitute resolution authorizing the creation and funding of the City-Wide Facade Loan Program and approving Program Guidelines.
Analysis
This substitute resolution authorizes the creation and funding of the City-Wide Facade Loan Program and approves Program Guidelines. Specifically, the City Comptroller is authorized to transfer $100,000 from the Development Fund Project Account to the City-Wide Facade Loan Program Project Account. By doing so, the City can assist property owners and businesses by leveraging substantial private investment and improvements to facades.
Body
Whereas, The Department of City Development has operated a City-Wide Facade Grant Program ("Grant Program") for more than 20 years; and
Whereas, The Grant Program has provided a significant incentive for visible reinvestment in downtown and neighborhood commercial areas; and
Whereas, Program Eligibility Requirements and Design Guidelines have been established by the Common Council under File No. 971697 on March 3, 1998 for facade grant activity; and
Whereas, The City of Milwaukee ("City") wishes to create a City-Wide Facade Loan Program ("Loan Program") to complement the Grant Program; and
Whereas, The Loan Program is designed to provide low-interest loans to commercial property owners; and
Whereas, It is recognized that the Loan Program requires a set of Program Guidelines, a copy of which is attached to this Common Council File, that will complement the Grant Program Eligibility Requirements and adhere to established Design Guidelines; and
Whereas, The City can leverage significant amounts of private investment and improvement to the facades of commercial properties if a Loan Program is available to assist property owners or businesses to upgrade their storefronts and principle facades; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City-Wide Facade Loan Program is created and that the City Comptroller is authorized and directed to transfer $100,000 from the Development Fund to the City-Wide Facade Loan Program Project Account No. UR03395400; and, be it
Further Resolved, That these funds are designated for city-wide downtown and neighborhood facade loan activity under the Program Guidelines hereby established; and, be it
Further Resolved, That the Commissioner of the Department of City Development is authorized and directed to enter into contracts and agreements necessary to carryout said Loan Program.
Drafter
DCD:RFM:rfm
02/03/04