Number
160395
Version
SUBSTITUTE 2
Reference
151253, 151262
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the transfer and expenditure of funds from the Neighborhood Commercial District Street Improvement Fund and the Business Improvement District Fund to support the redevelopment of the Riverworks City Center, in the 6th Aldermanic District, and authorizing the sale and issuance of general obligation bonds in the aggregate amount of $900,000 for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under Sections 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337, Wisconsin Statutes.
Analysis
Adoption of this substitute resolution authorizes a grant of $275,000 and a loan of $275,000 to Business Improvement District No. 25 for the purpose of providing financial support to the redevelopment of the Riverworks City Center and authorizes the sale and issuance of general obligation bonds in the aggregate amount of $900,000 for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects.
Body
Whereas, Riverworks City Center, LLC (“Developer”) is undertaking a redevelopment project named Riverworks City Center (“the Center”) in the area generally bounded by North Holton Street, East Townsend Avenue, North Booth Street and East Concordia Avenue; and
Whereas, Business Improvement District No. 25 (“BID No. 25”) is supporting the redevelopment of the Center as a catalytic project that will serve to revitalize the Riverworks neighborhood; and
Whereas, The development of the Center will provide low-income residents in nearby neighborhoods access to facilities such as a Financial Opportunity Center, workforce development training center and a credit union; and
Whereas, The Center also will house the offices of the Riverworks Development Corporation (“RDC”) and BID No. 25;...
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