Number
071117
Version
ORIGINAL
Reference
Sponsor
ALD. HAMILTON AND WITKOWIAK
Title
Resolution approving a Cooperation and Development Agreement for the Astronautics Corporation of America, Inc., Project at 4115 North Teutonia Avenue and 1412 West National Avenue, in the 1st and 12th Aldermanic Districts.
Analysis
This resolution authorizes a loan of $100,000 to assist Astronautics Corporation of America, Inc., to upgrade its building and parking lot security systems for its engineering and assembly employees who work at its facilities on Teutonia Avenue and National Avenue. Annual loan payments, scheduled over a ten-year term, shall be forgiven provided that the company maintains a workforce of 525 in the City of Milwaukee beginning one year after the loan closing.
Body
Whereas, Astronautics Corporation of America, Inc., (“Astronautics”) is headquartered at 4115 North Teutonia Avenue and has its main production facility at 1412 West National Avenue, both in the City of Milwaukee (“City”); and
Whereas, Astronautics was established in 1959 and is a world leader in the design, development and manufacture of military and commercial electronics for air, space, land and sea applications; and
Whereas, Astronautics’ products are used throughout the world and more than 100,000 aircraft use its flight instruments, displays, computers and components; and
Whereas, Astronautics’ major product lines are aircraft cockpit avionics systems, navigational systems, flight instruments, flat panel displays, mission and display processors and numerous other products; and
Whereas, The company has a wholly owned subsidiary in New Jersey with an additional facility in North Carolina, which designs and manufactures guidance and navigation systems as well as high precision components and actuators; and
Whereas, Astronautics currently employs approximately 550 people at its Teutonia Avenue headquarters and at its National Avenue facility, not including part-time employees and contract employees at those locations; and
Whereas, Astronautics has recently secured contracts to provide the avionics instrumentation for the new Boeing 787 ‘Dreamliner’ aircraft and other Boeing aircraft and is recruiting over 70 professional, engineering, technical and production positions for these and other contracts secured over the past few years by the company; and
Whereas, To assist the company in its recruitment efforts, the City desires to provide funding, in the form of a forgivable loan, to upgrade the building and parking lot security systems in and around its facilities, including installing security cameras, installing automatic gates for its parking lots, upgrading lighting in its parking lots and other exterior improvements designed to increase security for its professional, engineering and hourly employees; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized to enter into a Cooperation and Development Agreement with the Milwaukee Economic Development Corporation (“MEDC”) providing for a loan to Astronautics Corporation of America, Inc., on substantially the terms and conditions set forth in said Agreement, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the funds for this loan in the amount of $100,000 shall be provided from the Development Fund Parent Account No. UR03390000 to the Astronautics Corporation of America, Inc., Project Account No. UR03397500; and, be it
Further Resolved, That any payments received by MEDC from the loan to Astronautics shall be repaid to the City promptly upon such receipt.
Drafter
DCD:JS:js
11/21/07/B