Number
130894
Version
ORIGINAL
Reference
Sponsor
ALD. WADE
Title
Resolution directing the proper City officials to enter into a Financial Assistance Award from the U.S. Department of Commerce, Economic Development Administration, for an Economic Adjustment Assistance Grant for the Century City Infrastructure Project, in the 7th Aldermanic District.
Analysis
This resolution directs the proper City officials to enter into a Financial Assistance Award from the U.S. Department of Commerce, Economic Development Administration, for an Economic Adjustment Assistance Grant for construction of new infrastructure at the Century City Business Park. The financial award is part of an overall project cost of $1,999,300, with matching funds of $999,650, which were authorized by the Redevelopment Authority of the City of Milwaukee (“RACM”) on March 11, 2013 under its Resolution No. 10403. RACM is the lead agent for the grant, and it will account for all grant revenues and expenditures. The City of Milwaukee has no financial obligation toward the grant match.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) was the lead applicant for U.S. Department of Commerce, Economic Development Administration (“EDA”), Economic Adjustment Assistance funding, with the City of Milwaukee as co-applicant; and
Whereas, On September 25, 2013, the EDA awarded a $999,650 Economic Adjustment Assistance Grant for the Century City Infrastructure Project; and
Whereas, This grant will fund infrastructure development at the Century City Business Park, including an entrance gateway and destination marker, initial access road and public right-of-way to promote marketing and land sales to prospective companies; and
Whereas, The EDA requires the federally-funded activity to remain within the public realm for the estimated 20-year life of the project, which required the City of Milwaukee (“City”) to be co-applicant to RACM, since RACM will transfer ownership of the infr...
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