City of Milwaukee - File #: 011181

• File #: 011181
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 12/21/2001
• In control: ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 1/22/2002
• Title: Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Aero Milwaukee, LLC Project).
• Sponsors: THE CHAIR
• Indexes: INDUSTRIAL DEVELOPMENT, INDUSTRIAL DEVELOPMENT BONDS, INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
1/31/2002	2	MAYOR	SIGNED
1/22/2002	2	COMMON COUNCIL	ADOPTED	Pass	16:0
1/14/2002	2	CITY CLERK	DRAFT SUBMITTED
1/14/2002	2	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
1/14/2002	1	CITY CLERK	DRAFT SUBMITTED
1/8/2002	0	ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/21/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
011181
Version
SUBSTITUTE 2
Reference
001079
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Aero Milwaukee, LLC Project).
Analysis
This substitute resolution provides details relating to and authorizes the issuance of industrial development revenue bonds in an aggregate amount not to exceed $13,500,000 to finance costs of the acquisition of a long-term leasehold interest in an air cargo sorting and transfer facility (the “Facility”) located in the City of Milwaukee at General Mitchell International Airport and the rehabilitation and improvement of the Facility. The Facility is located on land owned by the County of Milwaukee and leased to Aero Milwaukee, LLC, a Delaware limited liability company, pursuant to a ground lease with a remaining term of 18 years and one 5-year renewal option, which option Aero Milwaukee, LLC has agreed to exercise. During the term of the ground lease, the Facility will be operated by Aero Milwaukee, LLC and managed by Aeroterm US, Inc., an affiliate of Aero Milwaukee, LLC. The Facility will become property of Milwaukee County upon termination of the ground lease between the County and Aero Milwaukee, LLC.
Body
Whereas, The City of Milwaukee, Wisconsin (the “Municipality”), is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.1103, Wisconsin Statutes, as amended (the “Act”):

a. To issue industrial development revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, 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 part...