Number
201091
Version
ORIGINAL
Reference
181205
Sponsor
THE CHAIR
Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenues (Port Milwaukee).
Analysis
This resolution authorizes Port Milwaukee to expend funds for needed projects stemming from the City’s sale of its former property to Komatsu Mining Corp., as previously approved by Common Council File Number 181205.
Body
Whereas, Section 304-91 of the Milwaukee Code of Ordinances establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and
Whereas, The City of Milwaukee was previously the land owner of a portion of property at 401 East Greenfield Avenue; and
Whereas, On December 18, 2018, the Common Council adopted File Number 181205, a resolution approving a land disposition report and surplus declaration for the conveyance of this property at 401 East Greenfield Avenue to Komatsu Mining Corp.; and
Whereas, The conveyance to Komatsu was finalized in 2020; and
Whereas, The Redevelopment Authority of the City of Milwaukee is currently in receipt of funds totaling $755,946.34 as a result of the conveyance completed on August 25, 2020; and
Whereas, The conveyance of this property, as previously approved by both the Board of Harbor Commissioners and the Common Council, was contingent on Port Milwaukee’s receipt and expenditure of these funds for needed projects; and
Whereas, The City Comptroller has certified greater than anticipated revenue in the amount of $755,946.34, pursuant to s. 304-91 of the Code of Ordinances:
Pursuant to s. 304-91 of the Milwaukee Code of Ordinances, I hereby certify that the monies required for this has been realized on or before December 31, 2020 and to be expended only for the purpose in this resolution.
__________________________________ _______________________
Aycha Sawa Date
Comptroller
City of Milwaukee
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee. that the City Comptroller is authorized to increase appropriations in the amount of $755,946.34 in Port Milwaukee’s 2020 Special Fund Account (0480-4280-R422-006300) and to increase the 2020 Estimated Revenue account (0480-4280-009400) by $755,946.34; and be it
Further Resolved, That the City Comptroller is authorized and directed to carryover any unspent appropriations from 2020 to 2021 in Special Fund Account (0480-480-R422-006300) to carry out the intent of this resolution.
Requestor
Port Milwaukee
Drafter
LRB176423-1
Adam Tindall-Schlicht/Jeff Osterman
November 19, 2020