Number
070500
Version
SUBSTITUTE 1
Reference
000429, 041704
Sponsor
ALD. HINES
Title
Substitute resolution authorizing $300,000 of increased borrowing for Tax Incremental District No. 40 to fund the North Avenue Economic Development Fund and authorizing a loan from the Fund in the amount of $286,906 to New Covenant Housing Corporation for the Boulevard Commons development, in the 15th Aldermanic District.
Analysis
This substitute resolution approves additional borrowing of up to $300,000 to make funds available for the North Avenue Economic Development Fund and approves a loan from the Fund to New Covenant Housing Corporation in the amount of $286,906.
Body
Whereas, On September 6, 2000, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 000429, which approved a Project Plan and created Tax Incremental District No. 40 (North 35th Street and West North Avenue)(“TID No. 40”); and
Whereas, On May 3, 2005, the Common Council adopted File No. 041704 approving a Cooperation Agreement between the City of Milwaukee (“City”) and the Redevelopment Authority of the City of Milwaukee for administration of the North Avenue Economic Development Fund (“Fund”); and
Whereas, New Covenant Housing Corporation (“New Covenant”) submitted an application to the Fund for $286,906 to complete the Boulevard Commons development; and
Whereas, The Boulevard Commons development would not be completed without receiving the loan; and
Whereas, The loan will be repaid to the City, with interest, after a 20-year compliance period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is directed to increase TID No. 40, Account No. TDO4080000, by $300,000 from the Parent TID Account; and, be it
Further Resolved, That a loan from the North Avenue Economic Development Fund to New Covenant in the amount of $286,906 is approved subject to the terms and conditions of the Cooperation Agreement; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of City Development, is directed to perform such acts and to create such subaccounts as are necessary to maintain the fiscal control required to carry out the intent of this Common Council File; and, be it
Further Resolved, That the Commissioner of City Development is authorized to enter into all contracts or agreements to carryout these activities.
Drafter
DCD:JWS:jws
07/27/07