Number
171255
Version
ORIGINAL
Reference
Sponsor:
Ald. Lewis
Title
Resolution relating to the intent to issue Industrial Development Revenue Bonds for the Moldmakers Leasing & Investments Limited Partnership, L.L.P. Project.
Analysis
This resolution is the initial resolution required by Wis. Stat. § 66.1103 approving the issuance of bonds by the City of Oak Creek to finance the purchase and rehabilitation of a property located at 8501 West Tower Ave.
Body
Whereas, Section 66.1103 of the Wisconsin Statutes (the “Act”) authorizes the City of Milwaukee, Milwaukee County, Wisconsin (the “City”), to authorize the issuance and sale of bonds by the City to construct, equip, re-equip, acquire by gift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, extend or remodel industrial projects in the City; and
Whereas, Section 66.1103(3)(f) provides that a municipality also may finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement for the project also relates to another project of the same eligible participant, part of which is located within the geographic limits of the municipality; and
Whereas, Moldmakers Leasing & Investments Limited Partnership, L.L.P., a Wisconsin limited liability partnership, and/or one or more related or affiliated entities, and/or one or more limited liability entities to be formed (collectively, the “Borrower”), desires to complete a multi-jurisdictional project consisting of financing the (i) purchase of land and the acquisition of an existing approximately 67,780 square foot manufacturing facility located at 303 Marquette Avenue in the City of Oak Creek, Wisconsin (the “Oak Creek Facility”) which is leased by WS Packaging Group, Inc. and used in its printing business, (ii) purchase of land and the acquisition of an existing approximately 76,478 square foot manufacturi...
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