Number
021545
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. RICHARDS
Title
Substitute resolution of intent to issue Industrial Development Revenue Bonds (Phoenix Products/Florine Investments Project).
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 $3,000,000 to finance costs related to the acquisition, rehabilitation, remodeling, equipping and related improvement of the facilities located at 8711 West Port Avenue, in the City of Milwaukee, including site acquisition and improvement and the funding of interest during construction for use in the manufacture of lighting products and drying ovens and related manufacturing and service activities.
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 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, Phoenix Products Company, Inc., a Wisconsin corporation, and Florine Investments, LLC, a Wisconsin limited liability company (individually or as part of any combination, joint venture or partnership, the “Eligible Participant”...
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