NUMB:
981742
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution of intent to issue Industrial Development Revenue Bonds (Accurate Metal Products, Inc. Project). (DCD)
ANLS:
- Analysis -
This resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $1,700,000 to finance costs related to the acquisition, renovation and equipping of an existing manufacturing facility at 8165 West Tower Avenue by Accurate Metal Products, Inc.; 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, 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, Accurate Metal Products, Inc., a Wisconsin corporation (the "Company"), and/or AMP Properties, LLC, a Wisconsin limited liability company (individually or as part of any combination, joint venture, limited liability company, or partnership of which either of the above are a part, the "Eligible Participant"), have been considering undertaking a project ...
Click here for full text