Number
011480
Version
ORIGINAL
Reference
Sponsor
ALD. GORDON
Title
Resolution authorizing expenditures from the Development Fund for the Retail Investment Fund. (DCD)
Analysis
This resolution authorizes and directs the appropriate City officials to transfer $200,000 from the Development Fund account to a new subaccount to fund the Department of City Development's Retail Investment Fund. The Retail Investment Fund provides grants to job creating businesses locating or expanding in designated commercial districts in the central city.
Body
Whereas, The City of Milwaukee's Capital Budget provides for the Development Fund; and
Whereas, The City of Milwaukee ("City") has an ongoing commitment to the revitalization of commercial districts in central city neighborhoods; and
Whereas, The Retail Investment Fund ("RIF") is a program operated by the Department of City Development and typically funded by the Community Block Grant Administration ("CBGA") and the City's Development Fund; and
Whereas, The demand for the program exceeds the level of support provided by CBGA and CBGA is unable to provide additional funding support for the RIF program at this time; and
Whereas, The RIF, since its establishment in 1999, has assisted 27 businesses in creating 157 new jobs and leveraged $9.4 million in new investment by making grants totaling $683,000; and
Whereas, The businesses assisted by the RIF are located on Lincoln Avenue, Lisbon Avenue, Center Street, North Avenue, Fond du Lac Avenue, Dr. Martin Luther King, Jr. Drive, Hopkins Street, Howell Avenue, North 27th Street, Kinnickinnic Avenue, Roosevelt Boulevard, Vliet Street, and Walnut Street; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City Comptroller is authorized and directed to transfer the sum of $200,000 from the Development Fund, Account No. UR03390000, to the proper project and expenditure account(s) following the City Attorney's dete...
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