City of Oak Creek

Common Council Report

Meeting Date:           August 19, 2003

Item No. 8

Recommendation:  That the Council adopt Resolution No. 10268-081903, a Resolution Relating to the Waiver of Section 66.1103(11)(b)1 Requirements in Connection with an Industrial Revenue Bond financing for Crown Prince, Inc.

Background:  Crown Prince, Inc. a textile screen printing and embroidery firm has been working with the City on a proposal to purchase the vacant, former Prime Manufacturing building at 7730 S. 6th Street in the Northbranch Industrial Park.  (See Resolution 10267)

One of the tools available to Wisconsin businesses and local units of government to foster business expansion is the Industrial Revenue Bond program (IRB).    Section 66.1103(11)(b)2 of the State Statutes allows Municipalities to waive the public bidding requirements for projects financed through IRB”s.

It is commonplace for this requirement to be waived in IRB transactions by local municipalities.

Fiscal Impact:

The vacant facility is currently valued at $1,550,200.  If this project goes through, the value of the property and facilities would likely increase to approximately $3,000,000.  The local share of taxes collected would increase accordingly. There are outstanding active assessments for street paving, curb & gutter and driveway approach on this property in the amount of $12,512.44.

Prepared by: Doug Seymour, AICP Director of Community Development	Respectfully submitted, Robert L. Kufrin City Administrator
Fiscal Review by: Beverly A. Buretta, CMC City Clerk

File name: T:\Shared\Resolutions\10267 (Res) Initial Crown Prince IRB Resolution.Doc

Print Date: 8/12/2003 4:47 PM

Revision No. 1