City of Milwaukee - File #: 110279

• File #: 110279
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 6/14/2011
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/6/2011
• Title: Resolution authorizing up to $245,000 of contingent borrowing for the Villard Square Library capital project.
• Sponsors: ALD. HAMILTON
• Indexes: CONTINGENT FUND, MILWAUKEE PUBLIC LIBRARY

Date	Ver.	Action By	Action	Result	Tally
7/11/2011	0	MAYOR	SIGNED
7/6/2011	0	COMMON COUNCIL	ADOPTED	Pass	15:0
6/29/2011	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Taj Schoening, Milwaukee Public Library	Pass	5:0
6/27/2011	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION AND ASSIGNED; Minutes note: Individuals present: Taj Schoening, Milwaukee Public Library Eric Pearson, Department of Administration - Budget and Management Division	Pass	5:0
6/24/2011	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/24/2011	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/24/2011	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/24/2011	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/21/2011	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/21/2011	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/21/2011	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/14/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
110279
Version
ORIGINAL
Reference

Sponsor
ALD. HAMILTON
Title
Resolution authorizing up to $245,000 of contingent borrowing for the Villard Square Library capital project.
Analysis
This resolution authorizes up to $245,000 of contingent borrowing for the Villard Square Library capital project. The Library anticipates receiving up to $245,000 from various organizations and foundations to help defray the costs of acquiring and developing the Villard Square Library capital project. When organizations and foundations provide funding to the City to support the Villard Square Library capital project, these funds shall be deposited as revenues in the debt service fund.
Body
Whereas, Common Council Resolution Number 081373, adopted on February 10, 2009, authorized the sale of a City-owned lot to Villard Square, LLC, for a mixed-use project with affordable housing and a public library, and Common Council File Number 090214, adopted on July 28, 2009, authorized the first amendment to the detailed planned development known as Villard Square, for a library and a 47-unit housing development; and

Whereas, Common Council Resolution Number 091666, adopted on May 4, 2010, approved acquisition of the library condominium unit of the Villard Square Library capital project which authorized City officials to execute a cooperation agreement or other agreements with the Redevelopment Authority of the City of Milwaukee to provide funding for the library improvements; and

Whereas, The 2009 Budget provided $1,000,000 in capital funds, and the 2010 Budget provided $1,750,000 in capital funds for the Villard Square Library capital project; and

Whereas, An agreement between the Redevelopment Authority and the Milwaukee Public Library will provide New Market Tax Credits for the library component of the project; and

Whereas, The Library anticipates receiving up to $245,000 from various organizations and foundations to help defray the City’s costs of acquiring and ...