Number
041060
Version
ORIGINAL
Reference
030974
Sponsor
THE CHAIR
Title
Resolution relative to application, acceptance and funding of a United States Department of Commerce Economic Development Administration ("EDA") Grant for the construction of public infrastructure improvements to serve a 100-acre redevelopment project in the West Menomonee Valley in the 8th Aldermanic District.
Analysis
This resolution authorizes the City of Milwaukee, Department of City Development, to apply for, accept and fund a United States Department of Commerce Economic Development Administration Grant for the construction of public infrastructure improvements such as roadways, utilities and other improvements in the Menomonee Valley. The amount of the Grant is $4,780,000 with an Out-of-Pocket City Share of $2,390,000 and a Grantor Share of $2,390,000. The Out-of-Pocket City Share will come from the Menomonee Valley TID No. 53 approved in File No. 030974 by Common Council action on November 25, 2003. The scope of the Grant will be for the construction of public improvements in the Menomonee Valley Business Park.
Body
Whereas, The City of Milwaukee ("City") appears to be eligible for grant funds from the United States Department of Commerce Economic Development Administration for the construction of public infrastructure improvements in the Menomonee Valley; and
Whereas, The Department of Administration, Intergovernmental Relations Division, has determined that operation of this Grant project from January 1, 2005 to December 31, 2008 will cost approximately $4,780,000, of which $2,390,000 or 50 percent will be provided by the Grantor; and
Whereas, The Out-of-Pocket City Share of this Grant project, $2,390,000 or 50 percent, will be provided by Menomonee Valley TID No. 53:
In-Kind City Share: $-0-
Out-of-Pocket City Share: $2,390,000
Local, Non-City Share: $-0-
; and
Whereas, The Department of Administration, Intergovernmental Relations Divisi...
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