Number
050035
Version
ORIGINAL
Reference
Sponsor
ALD. HINES
Title
Resolution increasing Tax Incremental District No. 40 (North 35th Street and West North Avenue) in the amount of $400,000 to create the North Avenue Economic Development Fund within Tax Incremental District No. 40, in the 15th Aldermanic District, and authorizing a grant to the North Avenue Community Development Corporation in the amount of $100,000 from this Fund.
Analysis
Adoption of this resolution approves a $400,000 increase in the budget and additional borrowing for TID No. 40 and approves a grant from the TID to the North Avenue Community Development Corporation in the amount of $100,000.
Body
Whereas, On September 6, 2000, the Common Council of the City of Milwaukee ("Common Council") adopted File No. 000429, which approved a Project Plan and created Tax Incremental District No. 40 (North 35th Street and West North Avenue); and
Whereas, On May 3, 2005, the Common Council adopted File No. 041704, which approved a Cooperation Agreement between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for administration of the North Avenue Economic Development Fund ("Cooperation Agreement"); and
Whereas, The Project Plan and Feasibility Study for Tax Incremental District No. 40 ("TID No. 40") allows for establishment of the North Avenue Economic Development Fund ("Fund") and authorizes borrowing, in phases, to provide Fund dollars; and
Whereas, Up to $400,000 is needed in the Fund for anticipated future projects; and
Whereas, The original Project Plan and Feasibility Study contemplates the need for future funding; and
Whereas, Grants to future projects will be reviewed by the Common Council on a case-by-case basis and will be approved only if they are supportable by anticipated tax incremental revenues; and
Whereas, The North Avenue Community Development Corporation ("NACDC") has submitted an application to the Fund for $100,000 t...
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