Number
080690
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer and expenditure of $50,000 from the Development Fund to fund the New Homes Milwaukee initiative for new residential construction in the City of Milwaukee.
Analysis
This resolution will permit the Department of City Development to spend $50,000 to assist residents in building owner-occupied homes.
Body
Whereas, The City of Milwaukee (“City”) owns vacant lots suitable for new home construction; and
Whereas, Building on said vacant lots often is not feasible due to extraordinary costs such as removal of rubble and installing sewer and water laterals; and
Whereas, The City has an ongoing commitment to promote new homeownership and to revitalize neighborhoods; and
Whereas, Buyers of City-owned land, or former City-owned land that is part of a City-sponsored initiative, will be induced to build new homes if they receive a forgivable loan of up to $7,500; and
Whereas, The 2008 Capital Budget for the City contains $50,000 in the Development Fund; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to transfer $50,000 from the Development Fund to Project Account No. UR03397100 to fund the New Homes Milwaukee initiative; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of the Department of City Development, is directed to establish any and all subaccounts and follow the City guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution; and, be it
Further Resolved, That all City officials, departments, boards and commissions are directed to assist and cooperate with said initiative.
Drafter
DCD:JWS:jws
09/16/08/A