Number
100706
Version
ORIGINAL
Reference
Sponsor
ALD. WADE
Title
Resolution authorizing transfer of $100,000 in Community Development Block Grant Special Economic Development Funds from the Department of City Development to the City of Milwaukee Emerging Business Enterprise office for a Century City contractor’s loan pool in the 7th Aldermanic District.
Analysis
This resolution authorizes the transfer of $100,000 in Special Economic Development Funds from the Department of City Development to the City of Milwaukee EBE office to establish a working capital loan pool for contractors working on the Century City redevelopment project.
Body
Whereas, The Century City redevelopment project requires compliance with provisions of Chapter 355, Milwaukee Code of Ordinance, including 25% participation by City certified Emerging Business Enterprises (“EBE”) for construction contracts; and
Whereas, EBE’s are often challenged by a lack of access to capital to meet the short-term cash flow demands of construction projects; and
Whereas, By adoption of Resolution File No. 100027 on May 25, 2010, the Common Council of the City of Milwaukee authorized the transfer of Community Development Block Grant (“CDBG”) reprogramming funds to the Department of City Development (“DCD”) to provide financing assistance to EBE contractors at the Century City redevelopment site; and
Whereas, The City EBE Office currently underwrites and services loans to small businesses and is an appropriate City development to administer the Century City loan program; and
Whereas, The Century City loan program will operate under existing EBE Office program guidelines, which will ensure consistency in loan programs and ease of use for City certified EBE’s; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee hereby approves the transfer of the $100,000 of the 2010 HUD award from the DCD to the City EBE Office; and, be it
Further Resolved, That the Community Development...
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