City of Milwaukee - File #: 050822

• File #: 050822
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/18/2005
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 11/15/2005
• Title: Substitute resolution authorizing an expenditure from the Development Fund for the Retail Investment Fund.
• Sponsors: ALD. DAVIS
• Indexes: DEVELOPMENT FUND, ECONOMIC DEVELOPMENT

Date	Ver.	Action By	Action	Result	Tally
11/23/2005	1	MAYOR	SIGNED
11/15/2005	1	COMMON COUNCIL	ADOPTED	Pass	13:1
11/8/2005	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearance: Rhonda Manuel, Department of City Development.	Pass	5:0
11/3/2005	1	CITY CLERK	DRAFT SUBMITTED
10/21/2005	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/18/2005	0	COMMON COUNCIL	ASSIGNED TO

Number
050822
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. DAVIS
Title
Substitute resolution authorizing an expenditure from the Development Fund for the Retail Investment Fund.
Analysis
This substitute resolution authorizes and directs the appropriate City officials to transfer $300,000 from the Development Fund to a new subaccount to fund the Department of City Development's Retail Investment Fund. The Retail Investment Fund provides grants to job-creating businesses locating or expanding in designated commercial districts in the Central City.
Body
Whereas, The City of Milwaukee's Capital Budget provides for the Development Fund; and

Whereas, The City of Milwaukee (“City”) has an ongoing commitment to the revitalization of commercial districts in its Central City neighborhoods; and

Whereas, The Retail Investment Fund program (“RIF”) is a program operated by the Department of City Development; and

Whereas, The demand for the program exceeds the level of support provided by the Community Block Grant Administration (CBGA) and the CBGA is unable to provide additional funding support for the RIF program at this time; and

Whereas, Since its establishment in 1999, the RIF Committee has approved grants to 79 businesses for the creation of 454 new jobs; and

Whereas, $17,281,731 in new investment will be leveraged by the making of grants totaling $1,594,500; and

Whereas, The RIF program has assisted 46 minority-owned businesses since its inception; and

Whereas, The businesses assisted by the RIF program are located throughout urban commercial districts in the City; 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 $300,000 from the Development Fund Parent Account to the proper project and expenditure account, UR03392600, following the City Attorney's determination of the taxability or nontaxability of the specific borrowing required under this reso...