Number
031042
Version
SUBSTITUTE 1
Reference
030351, 030974
Sponsor
ALD. DONOVAN AND MURPHY
Title
Substitute resolution authorizing the application and acceptance of a $10,000,000 loan guarantee under the City of Milwaukee's amended 2004 Consolidated Community Development Entitlement Program pursuant to Section 108 of Title I of the Housing and Community Development Act and the acceptance and funding of a $2,000,000 Brownfields and Economic Development Initiative Grant ("BEDI") from the U.S. Department of Housing and Urban Development.
Analysis
This substitute resolution authorizes the City of Milwaukee, through its Community Development Block Grant Office and the Department of City Development, to apply for and accept a U.S. Department of Housing and Urban Development Section 108 loan guarantee of $10,000,000. The loan will be paid back through Redevelopment Authority revenue bonds or general obligation bonds issued for Tax Incremental District No. 53 (Menomonee Valley). This substitute resolution also authorizes the acceptance and funding of a U.S. Department of Housing and Urban Development BEDI grant for remediation and redevelopment projects in the Menomonee Valley. The amount of the grant is $2,000,000 with no Local Match required. The grant will be for remediation and redevelopment projects in TID No. 53.
Body
Whereas, Common Council File No. 030351, adopted on July 15, 2003, authorized application for a $2,000,000 BEDI grant from the U.S. Department of Housing and Urban Development ("HUD") for the purpose of funding environmental remediation in the Menomonee Valley and in particular on the former CMC Shops site which has subsequently been acquired by the Redevelopment Authority of the City of Milwaukee ("Redevelopment Authority"); and
Whereas, The BEDI grant was awarded to the City of Milwaukee ("City") as Grant No. B-03-BD-55-0040 and that grant program requires the grantee to subsequently apply for and receive a corresponding ...
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