NUMB:
971799
VERS:
ORIGINAL
REF:
971154
XXBY:
THE CHAIR
TITL:
Resolution approving the Cooperation Agreement between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for Tax Incremental District No. 35 (North 27th Street and West Wisconsin Avenue). (DCD)
ANLS:
- Analysis -
This resolution approves the Cooperation Agreement between the City and the Redevelopment Authority to implement the initial phase of the Project Plan for TID No. 35. Funding of $1,527,000 is to be provided through tax incremental funds ($1,327,000) and the Development Opportunities Fund ($200,000).
BODY:
Whereas, On February 10, 1998, the City of Milwaukee ("City") adopted Common Council File No. 971154 approving the Project Plan and creating Tax Incremental District No. 35 ("TID No. 35"); and
Whereas, On February 26, 1998, the Redevelopment Authority of the City of Milwaukee ("Authority") designated as blighted the properties located within the boundary of TID No. 35 and approved the Redevelopment Plan for the North 27th Street and West Wisconsin Avenue Redevelopment Project Area; and
Whereas, The activities to be undertaken within TID No. 35 are described in the Project Plan for said TID, a copy of which is attached to the Cooperation Agreement as Exhibit A; and
Whereas, The City intends to provide the Authority with the funds necessary to finance certain TID No. 35 project costs as set forth in the Cooperation Agreement, a copy of which is attached to this Common Council File; 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 the Cooperation Agreement for the purposes of implementing the Project Plan for TID No. 35; and, be it
Further Resolved, That the City Comptroller is authorized to transfer $1,527,000 from the following accounts for the purpose of providing the necessary funds to the Authority to implement the adminis...
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