Number
060865
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to the issuance of Industrial Development Revenue Bonds (Pettit National Ice Center, Inc. Project), in the 10th Aldermanic District.
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 $2,500,000 to finance costs related to the acquisition by Pettit National Ice Center, Inc. of land, improvements and equipment located in the City of Milwaukee 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 66.1103, 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 therefore.
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 the geographic limits of the municipality, but only if the revenue agreement with respect to such project also relates to another project of the same eligible participant some part of which is located within such limits; and
Whereas, Pettit National Ice Center, Inc., a Wisconsin nonprofit corporation (the “Eligible Participant”), has been consider...
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