NUMB:
981590
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. NARDELLI
TITL:
Substitute resolution of intent to issue Industrial Development Revenue Bonds (SEMCO, Inc. 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 $3,500,000 to finance costs related to the acquisition of certain land (the "Project Site") located in the City, construct a manufacturing facility (the "Facility") on the Project Site, and acquire certain new machinery and equipment (the "Equipment") and install the Equipment in the Facility; waive the public bidding requirement for construction work on the facilities; and authorize 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; and
Whereas, SEMCO, Inc., a Wisconsin corporation (the "Eligible Participant"), has been considering undertaking a project in the City and the Eligible Participant has represented to the City that it would be an encouragement and inducement for ...
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