Number
150482
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing $8,000,000 of contingent borrowing for Tax Incremental District 84 (West McKinley and West Juneau) for the purpose of providing developer financing for the construction of a parking structure associated with the new Buck’s Arena.
Sections
Analysis
This resolution authorizes $8 million of Contingent Borrowing to fund Tax Incremental District 84 (TID 84) for the purpose of providing developer financing as authorized by File 150383 creating TID 84.
Body
Whereas, File 150383 creates TID 84 to include the construction of a parking structure for the new Buck’s Arena with developer financing; 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 $8 million of Contingent Borrowing to provide developer financing for the construction of a parking structure for the new Buck’s Arena; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes up to$8 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 may be issued as Notes pursuant to Resolution Number 141362 and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution.
Requestor
DOA - Budget and Management Division
Drafter
DOA - Budget and Management Division
Dennis Yaccarino
TID 84 developer CB.rtf