City of Milwaukee - File #: 040413

• File #: 040413
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/7/2004
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 7/27/2004
• Title: Substitute resolution authorizing the transfer and expenditure of $75,000 from the Development Fund in the form of a grant to the North Avenue Community Development Corporation for the Columbia Square Project at 3300 West North Avenue and authorizing the proper City officials to enter into a Development Agreement to implement the project.
• Sponsors: ALD. HINES JR.
• Indexes: BUSINESS DEVELOPMENT, DEVELOPMENT FUND, ECONOMIC DEVELOPMENT

Date	Ver.	Action By	Action	Result	Tally
8/5/2004	1	MAYOR	SIGNED
7/27/2004	1	COMMON COUNCIL	ADOPTED	Pass	15:0
7/20/2004	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
7/20/2004	1	CITY CLERK	DRAFT SUBMITTED
7/13/2004	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/7/2004	0	COMMON COUNCIL	ASSIGNED TO

Number
040413
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. HINES
Title
Substitute resolution authorizing the transfer and expenditure of $75,000 from the Development Fund in the form of a grant to the North Avenue Community Development Corporation for the Columbia Square Project at 3300 West North Avenue and authorizing the proper City officials to enter into a Development Agreement to implement the project.
Analysis
This substitute resolution approves the expenditure of $75,000 in the form of a grant to the North Avenue Community Development Corporation for the Columbia Square Project at 3300 West North Avenue and authorizes the proper City officials to enter into a Development Agreement. The terms for the Development Agreement are set forth in a Term Sheet. The Columbia Square project creates 22 new affordable apartment units and approximately 6,700 square feet of new retail space within the redeveloping North Avenue Gateway Commercial District and BID No. 28.
Body
Whereas, The 2004 Capital Budget for the City of Milwaukee (“City”) contains $75,000 in the Development Fund - Priority for Catalytic Project Areas; and

Whereas, The City has an ongoing commitment to the revitalization of neighborhood commercial districts; and

Whereas, The North Avenue Community Development Corporation (“NACDC”) is committed to the revitalization of the North Avenue Gateway Commercial District; and

Whereas, The proposed Columbia Square Project will further sustain the revitalization of the North Avenue Gateway Commercial District; and

Whereas, The NACDC has secured over $3,874,000 in other funds for the project aside from the Development Fund - Priority for Catalytic Project Areas match for the Columbia Square Project; and

Whereas, These Development Fund Catalytic Project Area monies shall not be applied to construction-related costs; and

Whereas, The City desires to enter into a Development Agreement with the NACDC to implement the project f...