NUMB:
990616
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. RICHARDS
TITL:
Substitute resolution authorizing the issuance of Industrial Development Revenue Bonds (Accurate Metal Products, Inc. Project).
ANLS:
- Analysis -
This substitute resolution authorizes the issuance of $1,000,000 of industrial development revenue bonds to finance costs related to the acquisition and renovation of an existing manufacturing facility at 8165 West Tower Avenue and the acquisition of new machinery and equipment, all of which is to be owned by AMP Properties, LLC, and leased to Accurate Metal Products, Inc.
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 66.521, 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 participant agrees to cause said project to be constructed and to pay the Municipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said industrial development revenue bonds; and
Whereas, AMP Properties, LLC, a Wisconsin limited liability company (the "Borrower"), has heretofore requested the Municipality to issue industrial development revenue bonds to finance a project in the Municipality on behalf of the Borrower as an eligible participant under the Act; and
Whereas, The Common Council of the City of Milwaukee ("Common Council") has heretofore found and de...
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