Number
010726
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution supporting the City of Milwaukee's application to the Department of Housing and Urban Development for Renewal Community designation. (DCD)
Analysis
This resolution provides the Common Council's support for an application to the Department of Housing and Urban Development for designation as a Renewal Community ("RC"). The City's Department of City Development is working with local partners to achieve such designation for an area of the City of Milwaukee. RC designation will make available substantial tax incentives to businesses in the designated area. The application submission deadline is October 12, 2001.
Body
Whereas, The City of Milwaukee ("City"), in collaboration with the Urban Economic Development Association, the Local Initiatives Support Corporation, the Helen Bader Foundation, the Metropolitan Milwaukee Association of Commerce and the Housing Authority of the City of Milwaukee, is preparing an application to the Department of Housing and Urban Development for Renewal Community ("RC") designation; and
Whereas, The City is interested in this new initiative to support its continuing efforts to spur economic development; and
Whereas, RC designation will provide substantial tax incentives to businesses in the designated area in the form of wage credits, deductions, bond financing, capital gains and other incentives; and
Whereas, These tax incentives are designed to encourage businesses to locate, expand and hire residents in the designated area; and
Whereas, No local financial match is required to submit the application; now, therefore, be it
Resolved, That the Common Council of the City of Milwaukee fully supports the City of Milwaukee's application to the Department of Housing and Urban Development for Renewal Community designation.
Drafter
DCD:LMW:lmw
09/25/01/A