NUMB:
991623
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. NARDELLI
TITL:
Substitute resolution relative to the issuance of Industrial Development Revenue Bonds (Rite-Hite Corporation Project).
ANLS:
- Analysis -
This substitute resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $7,500,000 to finance costs related to the acquisition of land and buildings in the City and construction, improvement and equipping of a facility by Rite-Hite Corporation; waives the public bidding requirement for construction work on the facility; requires that Rite-Hite Corporation use its best efforts to utilize disadvantaged businesses in the construction of the facility; and authorizes a public hearing on the bonds.
BODY:
Whereas, The City of Milwaukee, Wisconsin (the "City"), is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.521, Wisconsin Statutes, as amended (hereinafter sometimes referred to as the "Act"):
(a) To issue revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, maintaining, repairing, enlarging, extending or remodeling of a project which qualifies under the Act and the improvement of the site therefor.
(b) To enter into a revenue agreement with an eligible participant pursuant to which the eligible participant agrees to cause said project to be constructed and to pay the City an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said revenue bonds.
(c) To finance an industrial project which is located entirely outside of the geographic limits of the municipality, but only if the revenue agreement with respect to such project also relates to another project of the...
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