City of Oak Creek

Common Council Report

Meeting Date:  10/17/06

Item No.:        

Recommendation:  That the Common Council adopt Resolution No. 10682-101706, authorizing the borrowing of $1,200,000; providing for the issuance and sale of general obligation refunding bonds therefore; and levying a tax in connection therewith.

Background:  The City is required to obtain permanent financing for TIF District No. 6 (De Mattia Group) in the amount of $1,200,000 by refunding outstanding Bond Anticipation Notes (BANs) dated 11/1/03 in the amount of $1,500,000 which will mature on 11/1/06.

Fiscal Impact:  This permanent financing will be paid with tax increment over a 10-year period ending in 2016.

Prepared and Fiscal Review by: Beverly A. Buretta, CMC City Clerk

Respectfully submitted, Patrick DeGrave City Administrator