Number
081418
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue regarding Tax Incremental District No. 58.
Analysis
The TID No. 58 Project Plan nets revenues against expenditures, resulting in decreased estimates of project costs and funding. During 2007, property sales of $38,396 were realized and recorded as TID revenue. The revenue from these sales will be used to fund improvements within the TID.
Body
Whereas, Section 304-91 of the Milwaukee Code of Ordinances established procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenue; and
Whereas, The Tax Incremental District No. 58 (“TID No. 58”) Project Plan nets estimated capital expenditures by anticipated sales proceeds, resulting in a reduction of funds available to accomplish the Project Plan; and
Whereas, TID No. 58 funding appropriation is based on this reduced net project cost; and
Whereas, TID No. 58 has realized property sales revenue of $38,396; and
Whereas, This $38,396 of sales revenue is needed to fund authorized improvements within the TID; and
Whereas, The City Comptroller has certified that greater than anticipated revenue in the amount of $38,396, pursuant to Section 304-91, Milwaukee Code of Ordinances:
I hereby certify that the money required for this is to be realized on or before December 31, 2009, and is to be expended only for the purposes specified in this resolution.
_____________________________
City Comptroller
_____________________________
Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that $38,396 is appropriated to a Special Purpose Account for the funding of TID improvements; and, be it
Further Resolved, That the funds may only be used to fund TID improvements as outlined in the Project Plan; and, be it
Further Resolved, That the City Comptroller is directed to establis...
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