Number
200698
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving a Cooperation Agreement between the City of Milwaukee acting by and through its Board of Harbor Commissioners and the Redevelopment Authority of the City of Milwaukee, in the 14th Aldermanic District.
Analysis
This resolution approves a Cooperation Agreement between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee for the Redevelopment Authority to issue bonds to provide the most efficient and cost effective financing for Port of Milwaukee’s portion of the DeLong Project.
Body
Whereas, The City of Milwaukee (“City”) has historically funded Port Milwaukee needs using its general obligation bonds; and
Whereas, The Redevelopment Authority of the City of Milwaukee (“Authority”)has the power to issue revenue bonds for the purpose of furthering its redevelopment objectives; and
Whereas, Utilization of Authority revenue bond financing is necessary to fund the Port’s portion of a $31 million agricultural export facility by DeLong Company, Inc.; and
Whereas, That the DeLong Project will be used to ship Wisconsin and other Midwestern-produced agribusiness commodities to markets worldwide, and would provide additional flexibility in structuring financing and reduce the need for City issuance of general obligation bonds; and
Whereas, The City and the Authority desire to enter into a cooperation agreement in order to provide the most efficient and cost effective financing of the Port’s portion of the DeLong Project through the cooperative exercise of their respective powers; and
Whereas, A Cooperation Agreement (DeLong Project Financing) is on file with the City now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Cooperation Agreement (Delong Project Financing) on file with the City is hereby approved and the proper officers of the City are hereby authorized and directed to execute and deliver such Cooperation Agreement on behalf of the City.
Drafter
DCD:David.Misky:dpm
09/22/20/A