NUMB:
980443
VERS:
ORIGINAL
REF:
900839
XXBY:
ALD. JOHNSON-ODOM
TITL:
Resolution authorizing expenditures from the Development Zone/Commercial Development Revitalization Program Account for capital improvements associated with the King Drive Cluster Project. (DCD)
ANLS:
- Analysis -
This resolution authorizes and directs the appropriate City officials to transfer $340,000 from the Development Zone/Commercial Development Revitalization Program Account to a new subaccount. The funds will be used for public way improvements to complement the King Drive Cluster Project in the 2500, 2600, 2700 and 2800 blocks of Dr. Martin Luther King, Jr. Drive.
BODY:
Whereas, The 1998 City budget provides for the Development Zone/Commercial Development Revitalization Program; and
Whereas, The Economic Development Committee, through Common Council File No. 900839, has adopted guidelines for the development of projects for said program; and
Whereas, The City of Milwaukee ("City") has an ongoing commitment to the revitalization of neighborhood commercial areas; and
Whereas, The King Drive Cluster Project includes new development, as well as redevelopment of existing buildings, including a family restaurant, the King Drive Commerce Center, the African American Women's Network, as well as extensive residential rehabilitation in the surrounding area; and
Whereas, The Bradley Foundation, Bader Foundation, Northwestern Mutual Life, WEPCO, Ameritech, Bank One, WICOR, Milwaukee County, State of Wisconsin, LISC, WHEDA, Harley Davidson, and Blue Cross/Blue Shield have made commitments to the Project; and
Whereas, This Project will bring over $10,000,000 in new investment to the neighborhood, as well as significantly enhance the availability of goods and services; and
Whereas, This Project will contribute greatly to the redevelopment and revitalization of the area, as well as the quality of life for its residents; and
Whereas, It is in the best interests of the City to support this neighborhood effort with public way improvements; and
Whereas, Preliminary cost estimates and plans have been prepared for public way improvements in the vicinity of the King Drive Cluster Project; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City Comptroller is authorized and directed to transfer the sum of $340,000 from the Development Zone/Commercial Development Revitalization Program Account to the appropriate borrowing account and expenditure accounts following the City Attorney's determination to the taxability or nontaxability of the specific borrowing required under this resolution; 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 accord with generally accepted accounting practices and City guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution, public way improvements associated with the King Drive Cluster 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.
ZDPT:
DFTR:
DCD/RT/rt
07/07/98/A