City of Milwaukee - File #: 161451

• File #: 161451
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 2/7/2017
• In control: COMMON COUNCIL
• Final action: 3/1/2017
• Title: Resolution authorizing the transfer and expenditure of $87,835.98 from the Business Improvement District capital account for the purpose of funding the approved 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15.
• Sponsors: THE CHAIR
• Indexes: BUSINESS IMPROVEMENT DISTRICT 15, RIVERWALKS

Date	Ver.	Action By	Action	Result	Tally
3/10/2017	0	MAYOR	SIGNED
3/1/2017	0	COMMON COUNCIL	ADOPTED	Pass	15:0
2/15/2017	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: David Schroeder - Dept. of City Development	Pass	5:0
2/7/2017	0	COMMON COUNCIL	ASSIGNED TO

Number
161451
Version
ORIGINAL
Reference
031225
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer and expenditure of $87,835.98 from the Business Improvement District capital account for the purpose of funding the approved 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15.
Analysis
This resolution provides funding for the 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15, which was adopted in Common Council File No. 031225 on January 21, 2004. The original file appropriated $750,000 from the Development Fund parent account to segment UR03395200. Since this project has taken longer than originally expected, $93,445.98 of borrowing authority has since expired. The Development Fund has not received a new budget appropriation since 2011, and it does not have any parent level appropriation available to replace the expired borrowing authority. Since the Business Improvement District capital account is used in a similar manner as this project’s original funding, it has been determined to be an acceptable source to replace the expired borrowing authority.
Body
Whereas, On January 21, 2004, the Common Council of the City of Milwaukee adopted File No. 031225, which approved the 11th Amendment to the Riverwalk Development Agreement for Business Improvement District No. 15; and

Whereas, File No. 031225 authorized and directed the City Comptroller to transfer the sum of $750,000 from the DCD Development Fund to the Riverwalk Enhancement account (Account No. UR03395200); and

Whereas, $93,445.98 of that original $750,000 of borrowing authority expired in 2012 and it is still needed to complete the project; and

Whereas, The final invoice has been received and this project has officially been completed; and

Whereas, The Business Improvement District capital account has adequate authority and is used in a similar manner providing loans to Business Improvement Dist...