Number
090459
Version
Substitute 1
Reference
Sponsor
ALD. BAUMAN and WADE
Title
A substitute ordinance establishing the housing infrastructure preservation fund.
Sections
304-31.5 cr
Analysis
The code of ordinances requires that the commissioner of city development, in consultation with the local common council member, classify each improved parcel in the city’s inventory of “neighborhood property” (residential property containing 4 or fewer housing units) as a “habitable property,” “uninhabitable property” or “special consideration property,” with the last category being further divided into “public restoration properties” (suitable for immediate restoration by the city, the housing authority, the redevelopment authority or another public entity) and “mothballing properties” (properties not suitable for immediate restoration but suitable for mothballing by the city).
This ordinance creates a housing infrastructure preservation fund to provide a permanent, dedicated funding source to finance these city property restoration and mothballing activities. Funding sources shall include the tax levy, general obligation borrowing, net proceeds from sales of restoration properties, amounts appropriated by law and transferred to the fund by the comptroller, and other appropriations of the common council made from time to time.
The total expenditures from the housing infrastructure preservation fund for a fiscal year shall be authorized by the adopted city budget. The department of city development shall be authorized to expend these monies without further common council approval.
Body
Whereas, Pursuant to s. 304-49-2-b of the code of ordinances, the commissioner of city development, in consultation with the local common council member, is required to classify each improved parcel in the city’s inventory of “neighborhood property” (residential property containing 4 or fewer housing units) as a “habitable property,” “uninhabitable property” or “special cons...
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