Number
040238
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY
Title
Substitute resolution related to tax incremental finance project expenditures.
Analysis
This substitute resolution expressly authorizes the expenditure for Tax Incremental District project costs in various TID's that are in excess of the estimates for such costs in the approved Project Plans for such TID's.
Body
Whereas, The project costs in various Tax Incremental Districts (“TID”) have exceeded the estimated costs in the Project Plans approved by the Common Council for those districts; and
Whereas, The City Attorney has opined that expenditures for TID project costs in excess of estimates contained in the Project Plans for such districts are permissible if the Common Council has authorized such expenditures in the annual City budget; and
Whereas, Such TID project cost expenditures were authorized in the 2004 City budget; and
Whereas, Out of the total amount of $19 million in 2004 approved TID budget authority, the sum of $4,275,544 has been spent to date (June, 2004) creating a current budget surplus of $14,724,456; and
Whereas, The City Comptroller has raised a question as to whether the Common Council should have more control over instances in which TID project costs for certain projects may exceed the estimates contained in the Project Plans approved by the Common Council; and
Whereas, Representatives from the Department of City Development, the Budget Office, the City Comptroller's Office and the City Attorney's Office are currently engaged in discussions concerning what recommendations should be made to the Common Council regarding the best method for approving TID expenditures that exceed the estimates in the Common Council approved Project Plans; and
Whereas, To address the City Comptroller's immediate concerns regarding various already incurred TID expenditures in excess of estimates contained in the approved Project Plans, this resolution h...
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