Number
001078
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution of intent to issue Industrial Development Revenue Bonds (R & B Wagner, Inc. Project). (DCD)
Analysis
This resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $5,000,000 to finance costs related to the acquisition, renovation and equipping of an industrial facility at 10600 West Brown Deer Road; waives the public bidding requirement for construction work on 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, re-equipping, 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, R & B Wagner, 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 the Eligible Participant to proceed if the project could be financed with revenue bonds; and
Whereas, The Eligible Participant has represented that the project consi...
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