Number
090556
Version
Substitute 1
Reference
090325, 080960, 081159
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the sale and issuance of general obligation notes and bonds in the aggregate amount of $7,000,000 for Contingent Borrowing - for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337.
Analysis
Resolution authorizes the sale and issuance of general obligation notes and bonds, using $7,000,000 of Contingent Borrowing to provide funding to the Redevelopment Authority for costs associated with the environmental remediation, demolition and redevelopment of TID 74, the former A.O. Smith / Tower Automotive complex at 3533 N. 27th St.
The TID 74 Plan included $10 million of grants from the City. $3 million of the grant is funded by previously budgeted authority for the 30th St. Industrial Corridor. This file provides the remaining $7 million of the grant.
Body
Whereas, Resolution file number 090325 authorized the creation of Tax Incremental District No. 74 for the North 3th Street and West Capitol Drive area (“TID 74”); and
Whereas, The plan for TID 74 includes $10 million of grants from the City, $3 million of which is provided by previously budgeted amounts for the 30th Street Industrial Corridor, and the City desires to provide funds for the remaining $7,000,000 of the grant through 2009 contingent borrowing for providing financial assistance to blight elimination, slum clearance, community development, redevelopment and urban renewal programs and projects under ss. 66.1105, 66.1301 to 66.1329 and 66.1331 to 66.1337; and
Whereas, The 2009 Budget authorizes $130,000,000 of borrowing for contingent purposes; and
Whereas, The Common Council desires that these notes be permitted to be issued with the Corporate Purpose Notes authorized by Resolution File Number 080960, and/or with...
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