City of Milwaukee - File #: 000765

• File #: 000765
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/22/2000
• In control: ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 10/10/2000
• Title: Resolution authorizing expenditures from the Development Fund account for the Targeted Commercial Development Fund. (DCD)
• Sponsors: Fredrick Gordon
• Indexes: BUDGET, BUSINESS DEVELOPMENT, CAPITAL IMPROVEMENTS, ECONOMIC DEVELOPMENT, EMPLOYMENT

Date	Ver.	Action By	Action	Result	Tally
10/19/2000	0	MAYOR	SIGNED
10/10/2000	0	COMMON COUNCIL	ADOPTED	Pass	17:0
10/2/2000	0	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
9/25/2000	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/22/2000	0	COMMON COUNCIL	ASSIGNED TO

Number
000765
Version
ORIGINAL
Reference

Sponsor
ALD. GORDON
Title
Resolution authorizing expenditures from the Development Fund account for the Targeted Commercial Development Fund. (DCD)
Analysis
This resolution authorizes and directs the appropriate City officials to transfer $100,000 from the Development Fund account to a new subaccount. The funds will be used to fund the Department of City Development's Targeted Commercial Development Fund, which 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 has an ongoing commitment to the revitalization of commercial districts in central city neighborhoods; and

Whereas, The Targeted Commercial Development Fund ("TCDF") is a program operated by the Department of City Development and typically funded by the Community Block Grant Administration ("CBGA"); and

Whereas, The CBGA is unable to provide additional funding support for the TCDF at this time because all Year 2000 reprogramming funds are earmarked for other programs; and

Whereas, The TCDF, since its establishment in 1999, has assisted 12 new businesses create 88 new jobs and leverage $4.7 million of new investment by making grants totaling $339,000; and

Whereas, The businesses assisted by TCDF are located on Lincoln Avenue, Lisbon Avenue, North Avenue, Dr. Martin Luther King, Jr. Drive, Villard Avenue, South Kinnickinnic Avenue, Vliet Street, and Walnut Street; and

Whereas, The TCDF had $182,000 in CDBG funds available for Year 2000 and over the first 8 months of the year, the program has allocated $229,000 creating 64 new jobs and leveraging $4.1 million of private investment; and

Whereas, Because the program has technically allocated $47,000 more than is currently available, one grantee must wait until 2001 to receive their gran...