Number
071340
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PUENTE
Title
Substitute resolution relating to the intent to issue Industrial Development Revenue Bonds (Marking Services, Inc. Project), in the 9th Aldermanic District.
Analysis
This initial substitute resolution sets forth the intent of the City of Milwaukee to issue industrial development revenue bonds in an amount not to exceed $5,200,000 on behalf of Marking Services, Inc., a Wisconsin corporation, Dean Road LLC, a Wisconsin limited liability company, and/or a related limited liability entity to be formed (collectively, the “Eligible Participant”) to finance costs related to (i) the rehabilitation of approximately 5,000 square feet of the Eligible Participant’s existing approximately 16,000 square-foot manufacturing facility located at 8265 North Faulkner Road in the City of Milwaukee, Wisconsin (the “Facility”), (ii) the construction of an approximately 22,000 square-foot addition to the Facility, (iii) the acquisition and installation of equipment at the Facility and (iv) certain costs related to the issuance of the bonds 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 Cit...
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