NUMB:
981259
VERS:
SUBSTITUTE 1
REF:
XXBY:
TITL:
Substitute resolution appropriating $1,634,000 from the 1998 Common Council Contingent Fund to the Remission of Taxes Fund.
ANLS:
BODY:
Whereas, The tax exempt status of Freedom Village retirement condominiums pertaining to the years 1989 through 1997 has been resolved; and
Whereas, The agreement granted an exempt status to a portion of the property thus reducing taxes receivable by $1.6 million; and
Whereas, No funds are available in 1998 budget to cover this expense; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that $1,634,000 be, and is hereby appropriated from the 1998 Common Council Contingent Fund (Account No. 09-910-8000) to the Remission of Taxes Fund, Special Purpose Account (Account No. 01-086-8001); and, be it
Further Resolved, That the proper city officers are authorized and directed to issue city check in the amount as shown in this file, $1,535,007.89, payable to the City Treasurer or taxpayer where appropriate plus interest at the rate of 9.6% applicable from date of payment to date of repayment, said amounts to be charged to the Remission of Taxes Fund, Special Purpose Account No. 01-086-8001, and said checks to be delivered to the Tax Billing and Collection Division of the Treasurer's Office for disbursement; and, be it
Further Resolved, That the proper city officers are authorized and directed to reflect the reduction in State Tax Credits as shown in this file as follows:
Section 79.10 (2) $98,326.03 (City: $75,724.05; County $22,601.98)
by means of journal entries, charging the Remission of Taxes Fund, Special Purpose Account No. 01-086-8001, and crediting the State Tax Credit Fund; and, be it
Further Resolved, That delinquent interest and penalties on any account covered by this resolution is hereby canceled.
DFTR:
Budget and Management Division
Ref: 98054
December 9, 1998
Finance:resolut:981259rs.doc