CCR1985338RESOLUTION #338-85
DEVELOPMENT OF INDUSTRIAL PARK
WHEREAS, the Common Council octhe City of Muskego has authorized the
expansion of its Industrial Park; and
WHEREAS. the City of Muskego has created Tax Increment District 7 and adopted
a Project Plan for said District; and
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WHEREAS, the Project Plan for Tax Increment District 7 envisions paying part
of the development cost for the expansion of the Industrial Park with TIF
revenues; and
WHEREAS, expenditures for this project prior to December 31, 1985 exceed the
funds anticipated for this purpose in the Tax Increment Project Plan; and
WHEREAS, the TIF portion of the project has been completed; and
WHEREAS, the City of Muskego must continue to develop the Industrial Park
property in order to make possible the sale of lots in said Park; and
WHEREAS, the City of Muskego anticipates receiving revenues from the resale of
properties within the expanded Industrial Park after December 31,1985; and
WHEREAS, resale of this land would be impossible without additional
expenditures being incurred after December 31, 1985; and
WHEREAS, it is anticipated that the City will incur debt for the purpose of
paying non-TIF project costs.
NOW, THEREFORE, BE IT RESOLVED that any expenditures for the expansion of the
Industrial Park made after December 31, 1985 are non-TIF expenditures.
BE IT FURTHER RESOLVED that land sale revenues will be used first for the
repayment of debt incurred for non-TIF expenditures.
DATED this 30 day of December, 1985.
CITY OF MUSKEGO
I ATTEST:
Ald.. Mitchewenovich \
I City Clerk