Number
231818
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution increasing the capital appropriation for the 2024 Developer-financed Tax Incremental District program.
Analysis
This resolution authorizes an increase in authority for the Tax Increment Finance Urban Renewal Projects (Purpose Account) Developer Revenues account. All funds for these projects in this account are generated by Tax Incremental District increments.
Body
Whereas, The City of Milwaukee (“City”) annually budgets for an estimated amount for Developer-financed Tax Incremental District (“TID”) increments; and
Whereas, The City’s Department of City Development Capital Budget for the year 2024 included $13,000,000 for this activity, and it is insufficient to reimburse the Developer-financed TID increments back to the Developers; and
Whereas, There is an additional $2,000,000 of budget authority necessary to reimburse the Developer-financed TID increment payments; and
Whereas, The funding for these projects will be provided by TID increments and will be at no additional cost or General Obligation borrowing to the City; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized to increase the Developer Revenues, Account No. 0336-1910-R999-TD000240003, by $2,000,000 to be funded from public improvements in the Tax Incremental District Developer Revenues account.
Drafter
DCD:David.Piedt:dp
03/19/24/A