Number
210759
Version
ORIGINAL
Reference
Sponsors:
Ald. Coggs
Title
Resolution relating to the intent to issue Industrial Development Revenue Bonds for the Outreach Community Health Centers, Incorporated Project.
Analysis
This resolution is the initial resolution required by Wis. Stat. § 66.1103 approving the issuance of bonds by the City of Glendale to finance the purchase of land, construction of an approximately 60,000 square foot new health care facility, acquisition and installation of furniture, fixtures and equipment at the new facility, renovation of an existing health care facility, and payment of certain professional fees and costs of issuance of the bonds. The majority of the project is located in the City of Glendale.
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, Outreach Community Health Centers, Incorporated, a Wisconsin nonstock, nonprofit corporation (the “Borrower”), desires to complete a multi-jurisdictional project consisting of financing the (i) purchase of land, (ii) construction of an approximately 60,000 square foot facility (the “Facility”) on a parcel of land owned by the Borrower located east of and proximate to the Borrower’s existing facility located at 210 West Capitol D...
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