Number
150480
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing $27,000,000 of contingent borrowing for Tax Incremental District 22 (Beerline) for the purpose of financing the construction of a parking structure for the new Buck’s Arena.
Sections
Analysis
This resolution authorizes $27 million of Contingent Borrowing to fund Tax Incremental District 22 (TID 22) for the purpose of financing the construction of a parking structure for the new Buck’s Arena as authorized by File 150384 amending TID 22.
Body
Whereas, File 150384 amends TID 22 to include the construction of a parking structure for the new Buck’s Arena; and
Whereas, the 2015 budget of the city includes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time of the adoption of the 2015 budget, and the Common Council desires to use $27 million of Contingent Borrowing for the construction of a parking structure for the new Buck’s Arena; and
Whereas, it is assumed that $14 million of the $27 million contingent borrowing will be financed using cash in the debt service fund; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes up to $27 million of Contingent Borrowing for the construction of a parking structure for the new Buck’s Arena; and, be it
Further Resolved, That the debt be issued as Notes pursuant to Resolution Number 141362 (including commercial paper notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution, including refunding of commercial paper if the debt is temporarily issued as commercial paper.
Requestor
DOA - Budget and Management Division
Drafter
DOA - Budget and Management Division
Dennis Yaccarino
TID 22 CB.rtf