Number
070500
Version
SUBSTITUTE 1
Reference
000429, 041704
Sponsor
ALD. HINES
Title
Substitute resolution authorizing $300,000 of increased borrowing for Tax Incremental District No. 40 to fund the North Avenue Economic Development Fund and authorizing a loan from the Fund in the amount of $286,906 to New Covenant Housing Corporation for the Boulevard Commons development, in the 15th Aldermanic District.
Analysis
This substitute resolution approves additional borrowing of up to $300,000 to make funds available for the North Avenue Economic Development Fund and approves a loan from the Fund to New Covenant Housing Corporation in the amount of $286,906.
Body
Whereas, On September 6, 2000, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 000429, which approved a Project Plan and created Tax Incremental District No. 40 (North 35th Street and West North Avenue)(“TID No. 40”); and
Whereas, On May 3, 2005, the Common Council adopted File No. 041704 approving a Cooperation Agreement between the City of Milwaukee (“City”) and the Redevelopment Authority of the City of Milwaukee for administration of the North Avenue Economic Development Fund (“Fund”); and
Whereas, New Covenant Housing Corporation (“New Covenant”) submitted an application to the Fund for $286,906 to complete the Boulevard Commons development; and
Whereas, The Boulevard Commons development would not be completed without receiving the loan; and
Whereas, The loan will be repaid to the City, with interest, after a 20-year compliance period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is directed to increase TID No. 40, Account No. TDO4080000, by $300,000 from the Parent TID Account; and, be it
Further Resolved, That a loan from the North Avenue Economic Development Fund to New Covenant in the amount of $286,906 is approved subject to the terms and conditions of the Cooperation Agreement; and, be it
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