NUMB:
970346
VERS:
SUBSTITUTE 1
REF:
961790
XXBY:
THE CHAIR
TITL:
Substitute resolution approving Amendment No. 1 to the Cooperation Agreement for Tax Incremental District No. 28 (Midtown Phase II/New Housing Initiative a/k/a CityHomes).
ANLS:
- Analysis -
On June 3, 1997 the Common Council approved an expansion to the boundary for TID No. 28. This expansion will permit an additional 20 homes to be constructed as part of the CityHomes development. The TID Plan Amendment adopted on June 3rd authorized an additional $22,000 per home to write down the cost of the property to the ultimate purchaser. The Amendment provides for a total expenditure of $440,000. This Cooperation Agreement with the Redevelopment Authority and the Neighborhood Improvement Development Corporation will authorize the transfer and expenditure of the additional TID funds for this purpose.
BODY:
Whereas, The Common Council of the City of Milwaukee adopted an Amendment to the Project Plan for Tax Incremental District No. 28 ("TID No. 28"), such Amendment being approved by Common Council File No. 961790 on June 3, 1997; and
Whereas, The Plan Amendment provides for an expansion of the TID boundaries and an additional $440,000 of funding for the purpose of assisting buyers to acquire new single family homes in the CityHomes Subdivision; and
Whereas, Amendment No. 1 to the Cooperation Agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and the Neighborhood Improvement Development Corporation provides funding for and the implementation of the Amendment to the Project Plan for TID No. 28; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute Amendment No. 1 to the Cooperation Agreement for TID No. 28, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the City Comptroller is authorized and directed to establish any and all subaccounts and transfer funds to the Redevelopment Authority of the City of Milwaukee for the purposes of fulfilling the terms of said Cooperation Agreement.
ZDPT:
DFTR:
DCD/JS/mg
06/05/97
ZDPT:
DFTR:
DCD/JS/mg
06/05/97