Number
020345
Version
ORIGINAL
Reference
930935, 010485
Sponsor
ALD. D'AMATO
Title
Resolution authorizing Amendment No. 3 to the Cooperation Agreement for Tax Incremental District No. 22 (Beer Line "B") in the 3rd and 6th Aldermanic Districts. (DCD)
Analysis
The City of Milwaukee was awarded a CMAQ grant for the construction of a pedestrian bridge to be attached beneath the Holton Street Viaduct. The Redevelopment Authority amended the Cooperation Agreement for the Beer Line "B" TID No. 22 Project to provide the local match to the grant through TID funds since the pedestrian bridge project lies within the boundary of the TID and is an eligible project expense. Thus, this resolution will increase the budget by $400,000 to $13,814,182,50. These funds are currently budgeted in the Department of City Development's approved TID budget for 2002.
Body
Whereas, The Common Council of the City of Milwaukee ("Common Council") on December 22, 1993 passed File No. 930935 approving a Project Plan and creating Tax Incremental District No. 22 (Beer Line "B")("TID No. 22); and
Whereas, The City of Milwaukee ("City") and the Redevelopment Authority of the City of Milwaukee ("Authority") have entered into a Cooperation Agreement and an Amended and Restated Cooperation Agreement pursuant to which the City has agreed to provide the Authority with funds generated from TID No. 22 which are to be used by the Authority to finance all TID No. 22 Project costs; and
Whereas, The Common Council on August 2, 2001 passed File No. 010485 approving Amendment No. 2 to the Cooperation Agreement for TID No. 22 (Beer Line "B"), which increased the project budget to $13,414,182.50; and
Whereas, The City has received a CMAQ grant in the amount of $3,214,000 for the construction of the "Marsupial" pedestrian bridge in the Beer Line "B" TID No. 22 Project area. The grant amount is $2,571,200 and the local share is $642,800; and
Whereas, The Authority under Resolution ...
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