Number
050724
Version
SUBSTITUTE 1
Reference
050592
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the terms of a Cooperation and Development Agreement for Tax Incremental District No. 60 (Milwaukee Intermodal Passenger Station Project).
Analysis
This substitute resolution authorizes funding in the maximum amount of $6,250,000 (plus capitalized interest) for Tax Incremental District No. 60 and approves the terms of a Cooperation and Development Agreement for this project with the Redevelopment Authority of the City of Milwaukee, Milwaukee Intermodal Partners LLC and the Wisconsin Department of Transporation.
Body
Whereas, On September 27, 2005, the Common Council of the City of Milwaukee adopted File No. 050592, which created Tax Incremental District No. 60 (“TID No. 60”) for the purpose of redeveloping the Milwaukee Amtrak Station at 433 West St. Paul Avenue and neighboring properties; and
Whereas, It is necessary to authorize funding for this Tax Incremental District and to approve the terms and conditions under which this funding will be provided to the Project as set forth in the Project Plan (“Plan”) for TID No. 60; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that:
a. The City Comptroller is authorized and directed to transfer the sum of $6,250,000, plus capitalized interest (estimated at $625,000), from the Parent TID Account to Project Account No. TDO6080000, for the purpose of providing funds necessary to implement the Plan.
b. The City Comptroller, in conjunction with the Commissioner of the Department of City Development, is authorized and directed to perform such acts and to create such accounts and subaccounts and to make appropriate transfers upon written request by the Department of City Development for all revenue or expenditure activity under this resolution.
c. The proper City officials are authorized and directed to enter into a Cooperation and Development Agreement for TID No. 60 on...
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