CCR1982105RESOLUTION # 105-82 -
APPROVAL OF EXPENDITURE OF TAX INCREMENT
FINANCING FUNDS ON THE LITTLE MUSKEGO
LAKE PROTECTION AND REHABILITATION
DISTRICT DREDGING PROJECT
WHEREAS, the City of Muskego, hereinafter referred to as "City",
and the Little Muskego Lake Protection and Rehabilitation District,
hereinafter referred to as "District",, have entered an agreement
approved by the City by Amended Resolution #87-82 as to the amount
owed the City by the District for the District dredging project and,
WHEREAS, the Plan Commission of the City and the Common Council
of the City has approved a project plan for Tax Increment Financing
District No. 3 for an expenditure by Tax Increment Financing
District No. 3 of in excess of $125,000 for dredging costa incurred
by the District for the dredging project and,
WHEREAS, the District is indebted to the City in excess of
$125,000 for said dredging project and,
WHEREAS, the District incurred costs in the amount of $ 24,629-74
for the dredging project prior to the passage of District Resolution
f3-77 and,
WHEREAS, in addition thereto, after passage of said Resolution
costs in excess of $ 100,370.Zwere incurred by the District for
said dredging project,
NOW THEREFORE, BE IT RESOLVED that $125,000 shall be transferred
from Tax Increment Financing District No. 3 to the City for said
dredging cost.
BE IT FURTHER RESOLVED that any funds received by the District
from government grants for said dredging project which are paid Over
to the City in satisfaction of portions of the obligations of the
District to the City shall be paid by the City as follows:
The first $75,000 of such grant funds shall be reimbursed
to the Tax Increment Financing
Dated this a& day of , 1982.
FINANCE COMMITTEE atc. ~ XJ &{E
Way G. Salentine, Chairman
Mitchel Penovich