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File #: 200056    Version: 0
Type: Resolution Status: Passed
File created: 5/8/2020 In control: COMMON COUNCIL
On agenda: Final action: 5/27/2020
Effective date:    
Title: Resolution relating to acceptance and expenditure of a Wisconsin Economic Development Corporation Community Development Investment Grant for The Beacon, 504 West National Avenue, in the 12th Aldermanic District.
Sponsors: ALD. PEREZ
Attachments: 1. Grant Analysis, 2. Grant Budget, 3. Fiscal Impact Statement, 4. Contract for Execution, 5. Hearing Notice List
Number
200056

Version
Original

Reference
191797

Sponsor
ALD. PÉREZ

Title
Resolution relating to acceptance and expenditure of a Wisconsin Economic Development Corporation Community Development Investment Grant for The Beacon, 504 West National Avenue, in the 12th Aldermanic District.

Analysis
This resolution authorizes the Department of City Development to accept and expend a Community Development Investment Grant from the Wisconsin Economic Development Corporation in the amount of $250,000, with an In-Kind Local City Share (Commercial Revitalization Grants) of $25,000, with total project costs of $4,378,125. The purpose of the project is to assist in the redevelopment of The Beacon, 504 West National Avenue in the South 5th Street “Creative Corridor” in the City of Milwaukee.

Body
Whereas, The City of Milwaukee (“City”) is eligible for grant funds from the Wisconsin Economic Development Corporation (“WEDC”), per a Grant Agreement between WEDC and the City, a copy of which is attached to this Common Council File, to assist in the redevelopment of The Beacon, 504 West National Avenue in the Walker’s Point neighborhood; and

Whereas, The implementation of this Community Development Investment Grant from March 31, 2020 to April 30, 2021 will involve the expenditure of $4,378,125 of which, $25,000 (0.57 percent) will be provided by an In-Kind Local City Share (Commercial Revitalization Grants), and $250,000 (6 percent) will be provided by the Grantor; and

Whereas, The City recognizes that the redevelopment of The Beacon is critical to the prosperity of the South 5th Street “Creative Corridor”; and

Whereas, The benefits to the City from this grant project appear to exceed the City's obligations to be incurred under this project; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that acceptance of the Community Development Investment Grant is authorized and that the Department of City Development (“DCD”) shall accept th...

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