Number
180145
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution increasing capital appropriation for 2018 developer-financed TID program.
Analysis
This resolution authorizes an increase in authority of the Tax Increment Finance Urban Renewal Projects (Purpose Account) Developer Revenues account. All funds for these projects in this account are generated by Tax Increment Districts (TID) increments.
Body
Whereas, The City of Milwaukee annually budgets for an amount estimated Developer Financed TID increments; and
Whereas, The City of Milwaukee Department of City Development’s capital budget for the year 2018 included $5,385,000 for this activity is insufficient to reimburse the Developer Financed TID increments back to the developers; and
Whereas, There is an additional $1,612,321.03 of budget authority necessary to reimburse the Developer Financed TID increment payments; and
Whereas, the funding for these projects will be provided by the TID increments and will be at no additional cost or General Obligation borrowing to the City of Milwaukee; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Comptroller is authorized to increase the Developer Revenues as follows:
Developer Revenues, account 0336-1910-R999-TD000180003, $1,612,321.03 to be funded from Public Improvements in Tax Increment Districts Developer Revenue Account.
Requestor
DOA-Budget and Management Division
Drafter
DOA-Budget and Management Division
Bill Christianson
DCD - Finance & Administration Division
David Schroeder
5/10/2018
Finance\Resolutions\CCFN 180145-TID Developer authority 2018
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