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Council adopts initial resolution to enable industrial revenue bond refinancing for East Johnson project
Summary
The Fond du Lac City Council on Jan. 22 approved an initial resolution to allow industrial revenue bond financing for projects at 1125 East Johnson St. and 6663 Rolling Meadows LLC, beginning a 30-day public notice period before a final vote. City staff said the mechanism carries no liability for the city and aims to secure lower borrowing rates.
The Fond du Lac City Council voted unanimously Jan. 22 to adopt an initial resolution permitting taxable industrial development revenue bond financing for projects at 1125 East Johnson St. and 6663 Rolling Meadows LLC, triggering a 30-day public notice period before the council considers a final resolution.
Community Development Director Miss Benson said the city has “very few tools that we can use to facilitate economic development,” and described industrial revenue bonds as a specialized, statutory financing mechanism that acts as a pass-through for a developer.…
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