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File #: 141320    Version:
Type: Resolution Status: Passed
File created: 11/25/2014 In control: COMMON COUNCIL
On agenda: Final action: 1/21/2015
Effective date:    
Title: Substitute resolution approving and authorizing the execution of a Cooperation Agreement, TID Project Plan-Financing, by and between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee.
Sponsors: ALD. BAUMAN
Attachments: 1. Cooperation Agreement as of 12-2-14, 2. City Attorney Letter, 3. Hearing Notice List, 4. RACM Bond Issues, 5. Amendment Motion by Ald. Dudzik 12-15-14, 6. Amendment Motion by Ald. Dudzik 12-16-14
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
1/28/20151 MAYOR SIGNED   Action details Meeting details Not available
1/21/20151 COMMON COUNCIL RECONSIDEREDFail5:9 Action details Meeting details Video Video
12/16/20141 COMMON COUNCIL AMENDED

Minutes note: Ald. Dudzik moved to amend the resolution by adding a "Further Resolved" clause at the end of the resolution which reads as follows: "Further Resolved, That none of the amounts authorized by this resolution may be expended for the Streetcar project or other similar purposes." Ald. Kovac moved to hold, but withdrew the motion.
Fail5:9 Action details Meeting details Video Video
12/16/20141 COMMON COUNCIL AMENDED

Minutes note: Ald. Zielinski moved for separate action.
Pass9:5 Action details Meeting details Video Video
12/16/20141 COMMON COUNCIL RECONSIDERED AND ENTERED IN JOURNALPass4:10 Action details Meeting details Video Video
12/15/20141 FINANCE & PERSONNEL COMMITTEE AMENDED

Minutes note: Individuals appearing: Ald. Robert Bauman, 4th Aldermanic District Rocky Marcoux, Department of City Development Commissioner Thomas Gartner, City Attorney's Office Mary Schanning, City Attorney's Office Ald. Joe Davis, Sr., 2nd Aldermanic District Ald. Dudzik moved to amend the resolution by adding a "Further Resolved" clause at the end of the resolution to read: "Further Resolved, That none of the amounts authorized by this resolution may be expended for the Streetcar project or other similar-type purposes." (Failed 1-4)
Fail1:4 Action details Meeting details Video Video
12/15/20141 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTIONPass4:1 Action details Meeting details Not available
12/10/20141 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20141 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20141 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/2/20141 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
11/25/20140 COMMON COUNCIL ASSIGNED TOFail  Action details Meeting details Not available
Number
141320
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. BAUMAN
Title
Substitute resolution approving and authorizing the execution of a Cooperation Agreement, TID Project Plan-Financing, by and between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee.
Analysis
This substitute resolution authorizes the City to enter into a Cooperation Agreement with the Redevelopment Authority for the financing of tax incremental district project plans using RACM revenue bonds. The Cooperation Agreement is necessary to provide the City with the option to utilize RACM revenue bonds to fund TID Project Plans.

Also, this substitute resolution authorizes: 1) the City to provide assistance to and cooperate with RACM in marketing RACM revenue bonds to be issued to fund TID Project Plans; 2) the City to maintain control over the necessary construction and professional service contracts related to TID Project Plans; and 3) the pledging of the moral obligation of the City to the repayment of RACM revenue bonds issued for the funding of TID Project Plans.

In the event that RACM revenue bonds will be utilized for funding TID Project Plans, the actual financing terms will be brought before the Common Council for approval.
Body
Whereas, The City of Milwaukee (“City”) has historically funded Tax Incremental District Project Plans (“TID Project Plans”) using its general obligation bonds; and

Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) has the power to issue revenue bonds for the purpose of furthering its redevelopment objectives; and

Whereas, RACM has been designated by the City to consider and approve TID Project Plans created pursuant to Wisconsin Statutes, Section 66.1105; and

Whereas, From time-to-time, the City and RACM enter into cooperation agreements in conjunction with the implementation of TID Project Plans; and

Whereas, Utilization of RACM revenue bond financing to fund TID Project Plans would provide additio...

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