Number
060404
Version
SUBSTITUTE 1
Reference
970388
Sponsor
ALD. BAUMAN
Title
Substitute resolution relative to additional funding for Tax Incremental District No. 34 (Historic Third Ward) and funding a portion of the total cost through Contingent Borrowing, in the 4th Aldermanic District.
Analysis
This substitute resolution authorizes $1,578,483 in additional project costs within Tax Incremental District No. 34 using Contingent Borrowing Authority for a riverwalk project approved within the original Tax Incremental District.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) approved the creation of Tax Incremental District No. 34 (“TID No. 34”) on January 1, 1997, via File No. 970388; and
Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the updated Economic Feasibility Study for TID No. 34 (a copy of which is attached to this Common Council File), desires to provide funding sufficient to cover all TID No. 34 public improvement costs in accordance with the Project Plan; and
Whereas, The updated Economic Feasibility Study demonstrates that TID No. 34 will generate private investment sufficient to cover $1,578,483 in project costs plus capitalized interest and is projected to be retired by 2012; and
Whereas, Funds expended and provided to date are in the amount of $3,722,167.85 plus capitalized interest and will be increased to $5,300,650.85 plus capitalized interest of $157,848, which includes the projects in the updated Economic Feasibility Study; and
Whereas, The Department of City Development desires to use $1,736,331 of Contingent Borrowing Authority to fund a portion of the total project costs of $5,300,650.85 of authorized TID No. 34 expenditures; and
Whereas, The 2006 Budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes for any purposes not contemplated at the time the budget was adopted in the sum of $...
Click here for full text