Number
071062
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing an expenditure from the Development Fund for economic development purposes, in the 6th Aldermanic District.
Analysis
This resolution authorizes the expenditure of $225,000 from the Development Fund to be provided by the transfer of $150,000 from the 2007 Development Fund Parent Account and $75,000 from the 2008 Development Fund Parent Account to C&D Technologies, Inc., located at 900 East Keefe Avenue, to complete research and development on a new product line and expand its existing manufacturing operation in the City of Milwaukee. The terms of the loan allow it to be forgivable over ten years if the company achieves and maintains agreed upon job creation goals.
Body
Whereas, The 2007-2008 Capital Budget for the City of Milwaukee (“City”) provides for the Development Fund; and
Whereas, The City has an ongoing commitment to job creation; and
Whereas, C&D Technologies, Inc., (“C&D”) located in the City of Milwaukee, is a leading manufacturer of electrical storage and power conversion batteries used in telecom and cable TV applications as well as back-up batteries for uninterruptible power settings; and
Whereas, C&D is planning to expand the research and development of lithium-ion batteries at its Milwaukee location that once developed and tested, are to be manufactured in Milwaukee; and
Whereas, C&D is proposing to create up to 150 new jobs over the next five years with an annual average wage of $47,650 - $56,400; and
Whereas, The City proposes to assist this project with a loan of $225,000 based on the conditions set forth in a Term Sheet, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to enter into a Cooperation Agreement with the Milwaukee Economic Development Corporation providing for a loan to C&D Technologies, Inc., on the terms and conditions as set forth in the Term Sheet; and, be it
Further Resolved, That the funds for this loan shall be provided by the transfer of $150,000 from the 2007 Development Fund Parent Account and $75,000 from the 2008 Development Fund Parent Account to the C&D Technologies, Inc., Project Account, UR03398200; and, be it
Further Resolved, That all City officials, departments, boards and commissions are directed to assist and cooperate with said project.
Drafter
DCD:MT:mt
11/21/07/A