(A) The Fund 265 Rainy Day Restricted - TIF Allocation Fund (“Fund”) is hereby established as a separate, special fund for the purpose of depositing TIF Allocation Funds authorized to be used by the Greendale Redevelopment Commission as matching funds for the Urban Way extension.
(B) The Fund restricts the use of TIF Allocation Fund money as a committed match for the Community Crossings Matching Grant Program.
(C) Further, the Fund restricts the use of the TIF Allocation Fund money and the corresponding matching grant funds to the statutory purposes of the TIF Allocation Fund and the Redevelopment Resolution authorizing the use of the $200,000 as matching funds, specifically the Urban Way extension as outlined in the Transportation Asset Management Plan.
(D) Further, if Greendale does not receive a grant for the extension of Urban Way as requested in the grant application, the funds should be immediately returned to the TIF Allocation Fund without further action of the Common Council.
(E) Further, any committed unused balance at the end of the grant, if awarded, is to be returned immediately to the TIF Allocation Fund without further action of the Common Council.
(Ord. 2016-11, passed 7-27-2016)