Title
Subject: Communication from City Administrator requesting to present a proposed processing fee for City Development bonds.
Recommendation of the Finance & Personnel Committee 08-07-06: The item be deferred.
Recommendation of the Finance & Personnel Committee 09-11-06: The proposed processing fee for Industrial Revenue Bonds refer to West Allis fees and approve as proposed.
Processing Fees for Industrial Revenue Bonds, Redevelopment Revenue Bonds and Multi-Family Revenue Bonds
Size of Bond Issue Fee
$500,000 or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000
$500,001 thru $1,000,000 . . . . . . . . . . . . . . . . . . . . . . . . $4,000
$1,000,001 thru $1,500,000 . . . . . . . . . . . . . . . . . . . . . . . $5,000
$1,500,001 thru $2,000,000 . . . . . . . . . . . . . . . . . . . . . . . $6,000
$2,000,001 thru $3,500,000 . . . . . . . . . . . . . . . . . . . . . . . $8,000
Over $3,500,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$10,000
This fee structure is inclusive of all costs, including the City Attorney's review of the bond documents and all publication fees.
Terms of payment are 50% prior to the Common Council's adoption of the initial resolution (if the initial resolution is adopted by the Common Council, this 50% installment payment is non-refundable). The remaining 50% is due at the time of closing (or pre-closing) on the bond sale.
Fiscal Note: N/A