Title
Resolution declaring official intent to reimburse expenditures for the Six Points/Farmers Market Redevelopment Project (T.I.F. 5)
Body
WHEREAS, the City of West Allis, Milwaukee County, Wisconsin (the ”City”) intends to incur and pay, or has incurred and paid, capital expenditures aggregating approximately $ 7,105,130 (the “Capital Expenditures”) for the property, project or program described on the attached Exhibit A, which is hereby incorporated herein by this reference and made a part hereof to the same extent as if set out in full herein (said property, project or program is hereinafter referred to as the “Project”); and
WHEREAS, payment of the Capital Expenditures will be, or has been, financed, in whole or in part, on an interim basis from moneys other than proceeds of a borrowing (collectively, the “Temporary Advances”); and
WHEREAS, it is reasonably expected that the Temporary Advances will be reimbursed with the proceeds of one or more borrowings not later than 18 months after the later of (i) the date on which the first Capital Expenditure financed by a Temporary Advance was paid, or (ii) the date on which the Project is placed in service or abandoned (but in no event more than 3 years after the date on which the first Capital Expenditure financed by a Temporary Advance was paid); and
WHEREAS, except for architectural, engineering and similar preliminary expenditures incurred prior to the acquisition or commencement of construction of the Project (but not including land acquisition, site preparation and other similar costs incident to the acquisition or commencement of construction of the Project), this Resolution is being adopted prior to or within 60 days after the payment of the first Capital Expenditure financed by a Temporary Advance;
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of West Allis hereby declares its official intent for purposed Treasury Regulation Section 1.150-2 to reimburse the Capital Expenditures for the Project financed by Temporary Advances with the proceeds of one or more borrowings, the maximum aggregate principal amount of which is not expected to exceed $7,105,130.
cc: Department of Development
Chris Phinney, Grants Accounting Specialist
Dev-R-392-8-2-05\bjb
Attachments (2)