NUMB:
991996
VERS:
SUBSTITUTE 2
REF:
991643
XXBY:
ALD. PAWLINSKI
TITL:
Substitute resolution relative to appropriation and funding of Tax Incremental District No. 38 (500 West Grange Avenue).
ANLS:
- Analysis -
This substitute resolution establishes accounts for Tax Increment District No. 38.
BODY:
Whereas, With the adoption of Common Council File No. 991643 on April 11, 2000, the City of Milwaukee ("City") created Tax Incremental District No. 38 ("TID No. 38"); and
Whereas, Funding for project costs in TID No. 38, in the approximate amount of $880,000, are to be provided to the City by the Milwaukee Economic Development Corporation ("MEDC"), pursuant to a Development Agreement between the City, MEDC, and Real Estate Recycling, LLC, the developer for TID No. 38; and
Whereas, Repayments of funds provided by MEDC, including interest thereon, is to be made solely from tax incremental revenue actually received by the City from TID No. 38; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that a variance is authorized from the procedures of File No. 68-461-X, being the Guidelines for the Control of Capital Expenditures, and directs the City Comptroller to:
1. Establish a supplemental appropriations offset by estimated revenue appropriation account to accept the $880,000 of MEDC funds.
2. Authorizes the City Comptroller to transfer funds to the TID No. 38 Account, No. 0336-1910-TD03880000.
3. Directs the project to proceed after the deposit of funds by the developer; and, be it
Further Resolved, That the City Comptroller also will establish appropriate accounts within the TID No. 38 project account, No. 0336-1910-TD03880000, to appropriate tax increment collections equal to the total amount required to repay MEDC as provided in the Term Sheet for this TID approved by File No. 991643; and, be it
Further Resolved, That the City Comptroller is authorized to establish all accounts and make all ...
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