City of Milwaukee - File #: 090534

• File #: 090534
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/1/2009
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 9/22/2009
• Title: Resolution relating to the intent to issue Industrial Development Revenue Bonds for the DJS, LLC Project.
• Sponsors: THE CHAIR
• Indexes: INDUSTRIAL DEVELOPMENT BONDS, INDUSTRIAL REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
10/1/2009	0	MAYOR	SIGNED
9/22/2009	0	COMMON COUNCIL	ADOPTED	Pass	14:0
9/14/2009	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Jim Scherer, Department of City Development Jeff Osterman, Legislative Reference Bureau The City of Milwaukee will not be issuing the revenue bonds; the City of Fond du Lac will be doing so. Ald. Zielinski requests a written opinion from the City Attorney's office before the Common Council meeting indicating that there is no financial risk to the City of Milwaukee.	Pass	4:0
9/4/2009	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/1/2009	0	COMMON COUNCIL	ASSIGNED TO

Number
090534
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution relating to the intent to issue Industrial Development Revenue Bonds for the DJS, LLC Project.
Analysis
This initial resolution sets forth the intent of the City of Milwaukee to approve the issuance of industrial development revenue bonds in an amount not to exceed $1,250,000 on behalf of DJS, LLC, a Wisconsin limited liability company (the “Borrower”). The Borrower desires to complete a multi-jurisdictional project located in both the City of Milwaukee, Wisconsin, and the Town of Fond du Lac, Wisconsin, to finance costs related to the (i) construction of an approximately 7,500 square-foot addition to an existing facility located at 8929 North 107th Street in the City of Milwaukee, Wisconsin, (ii) acquisition and rehabilitation of an existing facility located at 6446 Rolling Meadows Drive in the Town of Fond du Lac, Wisconsin, and (iii) payment of certain costs related to the issuance of the bonds (the “Project”), which Project will be owned by the Borrower and leased by Weld Specialty Supply Corporation, a Wisconsin corporation, and used in its business of distributing welding supplies. The Town of Fond du Lac, Wisconsin, will be the issuer of the bonds. The initial resolution also authorizes a public hearing on the bonds.
Body
Whereas, Section 66.1103 of the Wisconsin Statutes (the “Act”) authorizes the City of Milwaukee, 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), Wisconsin Statutes, 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 relat...