Number
250560
Version
ORIGINAL
Reference
240925
Sponsor
ALD. DIMITRIJEVIC
Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue (Department of City Development).
Analysis
This resolution authorizes the TID housing revenue from TID No. 37 (Grand Avenue) to be used for the Milwaukee Home Down Payment Assistance and the STRONG Homes loan programs.
Body
Whereas, Section 304-91 of the Milwaukee Code of Ordinances establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and
Whereas, CCFN 240925 authorized a one year extension to TID No. 37 to use the resulting tax incremental revenue to benefit affordable housing and improve housing stock; and
Whereas, The incremental revenue generated was $364,755.80 greater than the $2,000,000.00 budgeted; and
Whereas, The City Comptroller has certified greater than anticipated revenue in the amount of $364,755.80 pursuant to s. 304-91; and
Whereas, Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before December 31, 2025 and to be expended only for the purpose in this resolution.
__________________________________ _______________
Comptroller Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Comptroller is authorized to increase appropriations in the amount of $250,000 in the Partnerships in Affordable Housing Capital Account (0339-1910-UR067250000-006300) and $114,755.80 in the Strong Home Loans Capital Account (0339-1910-UR057250000-006300) and to increase the 2025 Estimated Revenue account (0339-1910-009930) by $364,755.80; and, be it
Further Resolved, That the Comptroller is authorized and directed to establish the necessary accounts and accounting procedures to carry out the intent of this resolution.
Drafter
DCD:Dave.Piedt:dp
07/15/25/A