City of Milwaukee - File #: 141323

• File #: 141323
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/25/2014
• In control: COMMON COUNCIL
• Final action: 2/10/2015
• Title: Substitute resolution authorizing the sale and issuance of promissory notes in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects.
• Sponsors: ALD. BAUMAN
• Indexes: BONDS, GOVERNMENT, REDEVELOPMENT, URBAN, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
2/10/2015	1	MAYOR	SIGNED
2/10/2015	1	COMMON COUNCIL	RECONSIDERED	Fail	6:9
1/21/2015	1	COMMON COUNCIL	ADOPTED	Pass	10:5
1/21/2015	1	COMMON COUNCIL	RECONSIDERED AND ENTERED IN JOURNAL	Pass	7:8
12/16/2014	0	COMMON COUNCIL	AMENDED; Minutes note: Ald. Dudzik moved to amend this resolution by deleting the "Further Resolved" clause and inserting in lieu thereof the following: "Further Resolved, That none of the amounts authorized by this resolution may be expended for the Streetcar project or other similar purposes."	Fail	5:9
12/16/2014	0	COMMON COUNCIL	HELD IN COUNCIL	Pass	5:9
12/15/2014	0	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individuals appearing: Ald. Robert Bauman, 4th Aldermanic District Dennis Yaccarino, Budget and Management Office Ald. Coggs moved substitution of the file with Proposed Substitute A. (5-0)	Pass	5:0
12/15/2014	1	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Ald. Dudzik moved to amend the resolution by adding a "Further Resolved" clause at the end of the resolution to read as follows: "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)	Fail	1:4
12/15/2014	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:1
12/10/2014	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/10/2014	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/10/2014	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/10/2014	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/25/2014	0	COMMON COUNCIL	ASSIGNED TO	Fail

Number
141323
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. BAUMAN

Title
Substitute resolution authorizing the sale and issuance of promissory notes in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance for blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects.

Analysis
Resolution authorizes the issuance and sale of promissory notes for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337, in the amount of $16,500,000. The intent is to use the promissory notes to finance the streetcar costs in Tax Incremental District 56.

Body
Whereas, The 2015 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of promissory notes in accordance with State Statue 67.12(12) in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337; and

Whereas, Use of promissory notes to finance the streetcar project included in Tax Incremental District 56 will produce $3 million in savings as compared to a general obligation bond; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that it hereby authorizes and declares its purpose to sell and issue promissory notes in accordance with State Statue 67.12(12) in the aggregate amount of $16,500,000 for Tax Incremental Districts for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337; and, be it

Further Resolved...