Number
051107
Version
ORIGINAL
Reference
040639
Sponsor
ALD. BAUMAN
Title
Resolution authorizing the transfer of funds to cover anticipated 2006 costs for Tax Incremental District No. 56 (Erie/Jefferson) on the north bank of the Milwaukee River between North Broadway and the Harbor Entrance to Lake Michigan in the 4th Aldermanic District.
Analysis
This resolution authorizes the transfer of funds from the TID Parent Account to the TID No. 56 Project Account to cover anticipated 2006 costs identified in the Project Plan. Adoption of this resolution provides the sum of $2,000,000 to the TID No. 56 Project Account setting aside the total amount of $5,625,001 to cover TID No. 56 project costs.
Body
Whereas, Under File No. 040639 adopted on September 23, 2004, the Common Council of the City of Milwaukee (“Common Council”) approved a Project Plan for Tax Incremental District No. 56 (“TID No. 56”) and appropriated the sum of $250,001 to implement 2004 project activities; and
Whereas, The Project Plan anticipated an additional expenditure of $3,375,000 for 2006 project activities though the actual amount of additional funds needed is expected to be $2,000,000; and
Whereas, The Common Council desires to appropriate the sum of $2,000,000; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized and directed to transfer the sum of $2,000,000 from the Parent TID Account to Project Account No. TDO5680000 for the purpose of providing funds necessary to implement 2006 activities as estimated in the TID No. 56 Project Plan; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of City Development, is authorized and directed to establish any and all accounts and subaccounts and make all appropriate transfers upon request by the Department of City Development for all revenue or expenditure activity under this resolution; and, be it
Further Resolved, That all City of...
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