Number
201614
Version
SUBSTITUTE 1
Reference
200852
Sponsor
THE CHAIR
Title
Substitute resolution allocating tax incremental financing revenues to the Department of City Development housing programs as specified in the 2021 budget.
Analysis
This resolution authorizes the transfer of tax incremental financing revenues of up to $7,130,000 from TID 22, and authorizing its funding of housing programs as specified in the 2021 budget.
Body
Whereas, Tax Incremental District 22 was extended in 2020 per resolution #200852, and yielded $7,129,377.77 increment to be used for housing related programs; and
Whereas, these funds were appropriated for specific housing programs in the 2021 budget; and
Whereas, this resolution effectuates the intent of the Common Council of the City of Milwaukee in enacting the 2021 budget.
Now be it resolved, by the Common Council of the City of Milwaukee, that the Comptroller shall have authority to appropriate and expend up to $7,130,000 in TD000220004; and
Further resolved, DCD shall be authorized to utilize said revenues to fund City housing programs in accordance with the 2021 budget; and
Further Resolved, That the City Comptroller is directed to establish all accounts and to make all appropriation transfers upon request by the Department of City Development for all revenue or expenditure activity under this resolution.
Requestor
DOA Budget
Drafter
Nick Sinram
March 22, 2021