Number
160956
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY, RAINEY AND STAMPER
Title
Substitute resolution authorizing the acceptance and expenditure of up to $2 million in grant funding from the Wisconsin Department of Financial Institutions for the demolition, deconstruction and rehabilitation of blighted properties and authorizing the proper City officials to enter into a Memorandum of Understanding relating to this grant-funded blight elimination and neighborhood improvement initiative.
Analysis
This substitute resolution authorizes the acceptance and expenditure of up to a $2 million grant from the Wisconsin Department of Financial Institutions for housing demolition, deconstruction and rehabilitation. Also, it approves a Memorandum of Understanding between the Wisconsin Department of Financial Institutions and the City relating to the expenditure of the grant, and it authorizes the Commissioners of Neighborhood Services and City Development to accept and expend the grant funds in accordance with the terms and conditions of the Memorandum of Understanding and this resolution.
Body
Whereas, The Wisconsin Department of Justice, through its Department of Financial Institutions (“WDFI”), anticipates receiving a monetary settlement from Volkswagen in connection with the company’s manipulation of emission control readings; and
Whereas, WDFI has indicated that it intends to enter into a Memorandum of Understanding (“MOU”) with the City of Milwaukee (“City”), a copy of which is attached to this Common Council File, to provide $2 million of the proposed settlement to assist the City to address blight in Milwaukee neighborhoods through housing demolition, deconstruction and rehabilitation; and
Whereas, The State funding will be made available to the City in accordance with the terms and conditions of the MOU between WDFI and the City; and
Whereas, Under the proposed MOU, the City will be eligible for reimbursement at the rate of up to $10,000 for...
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