Number
090313
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution designating Recovery Zone areas of the City.
Analysis
The American Recovery and Reinvestment Act include advantageous borrowing programs for the City for expenditures relating to Recovery Zones. In order to qualify for the programs, this resolution designates Recovery Zone areas of the City.
Body
Whereas, The American Recovery and Reinvestment Act includes borrowing with Recovery Zone Economic Development Bonds (RZEDB) and Recovery Zone Facility Bonds (RZFB); and
Whereas, A requirement for RZEDB and RZFB bonds is that they be for Recovery Zone areas as designated by the Issuer; and
Whereas, Recovery Zone areas include areas with significant poverty, unemployment, rate of home foreclosures, general distress, and/or areas designated as a renewal community; and
Whereas, All the industrial and commercial areas of the City are being significantly impacted by the economic downturn resulting in significant general distress and significant increase in unemployment from layoffs and business closings; and
Whereas, Residential, industrial, and commercial areas included in Renewal Communities, Special Impact Areas, Tax Incremental Districts, Redevelopment Areas, areas eligible for New Market Tax Credits, and areas designated as eligible for funding from the Neighborhood Commercial District, Development Fund, and Business Improvement District, have been found to be areas of pressing need, high unemployment, and/or poverty; and
Whereas, The City has caused to be prepared a factual report ("Factual Report") in support of the findings contained in this resolution, which report is attached to and incorporated by reference in this resolution; and
Whereas, The City, through the Public Debt Commission, has declared its intention to reimburse certain expenditures with proceeds of tax-exempt borrowing, and now desires to declare its intention to issue such debt, to the extent advantageous, as Build America Bonds and/or Recovery Zone Bonds; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that conditions of significant unemployment, home foreclosures, poverty, and general distress exist throughout the industrial and commercial areas of the City, in addition to many residential areas; and, be it
Further Resolved, That the attached Factual Report fairly and accurately states the aforementioned condition found in the City; and, be it
Further Resolved, That the aforementioned conditions and Factual Report support the designation of the following areas, and such areas are hereby designated, as Recovery Zones:
1) Areas designated as a Renewal Community as of February 17, 2009 and such additional areas as may be so designated from time to time;
2) Areas designated as Special Impact Areas as of February 17, 2009 and such additional areas as may be so designated from time to time, by the Federal Economic Development Administration, sometimes known as Community Development Block Grant target areas;
3) Areas of the City zoned for Industrial and commercial use as of February 17, 2009 and such additional areas as may be so zoned from time to time;
4) Areas designated as Tax Incremental Districts, Redevelopment Areas, and areas eligible for New Market Tax Credits, as of February 17, 2009 and such additional areas as may be so designated from time to time; and
5) Areas designated as eligible for funding from the Neighborhood Commercial District, Development Fund, and Business Improvement District programs as of February 17, 2009 and such additional areas as may be so designated from time to time;
; and, be it
Further Resolved, That the City confirms its intention to issue debt to reimburse for expenditures as previously identified by the Public Debt Commission, and declares that such debt may be issued as traditional tax-exempt debt, as well as Build America Bonds, Recovery Zone Economic Development Bonds, Recovery Zone Facility Bonds, and/or other forms of debt as may be made available to the City from time to time.
Requestor
Comptroller
Drafter
RSL
PD-7547b2W.rtf