Title
Resolution to amend the FY 2008 Economic Catalyst Activity of the Community Development Block Grant-Recovery Program.
Body
WHEREAS, in 2009, the City of West Allis received Community Development Block Grant-Recovery (CDBG-R) funds from the American Reinvestment and Recovery Act in the amount of $ 375,485 that were incorporated into the FY 2008 Community Development Block Grant Annual Action Plan; and,
WHEREAS, the Common Council allocated the CDBG-R funds to an Economic Catalyst Activity for the property located at 1960 S. 67 Place to prepare the site for redevelopment; and,
WHEREAS, the Economic Catalyst Activity budget was $37,548.50 for Administration and $337,936.50 for Project Activities; and,
WHEREAS, all Project Activities have been completed and funds disbursed except for $32,500 of remaining Administration funds; and,
WHEREAS, in accordance with CDBG-R guidelines, remaining Administrative funds can be reallocated to Project Activities; and,
WHEREAS, the City absorbed additional eligible expenses through the existing Tax Increment Financing District Number Six and by amending the Economic Catalyst Activity of the CDBG-R program to reallocate remaining Administrative funds will help reduce the costs to the Tax Increment Financing District.
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby amends the FY 2008 Economic Catalyst Activity of the Community Development Block Grant-Recovery Program to reallocate $32,500 of remaining Administrative Funds to Project Activities.
cc: Department of Development
Finance
DEV-R-628-4-5-11