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Resolution approving short term financing to the Wauwatosa School District for their share of the Froedtert Settlement in the amount of $3,502,031.13
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WHEREAS, the Froedtert Hospital property tax settlement requires the Wauwatosa School District to pay a proportionate share;
WHEREAS, the City of Wauwatosa collects taxes on behalf of the Wauwatosa School District and both jurisdictions have met and determined the most cost effective solution is for the City to provide a short-term loan charging a 4.5% interest rate to the school district to be repaid prior to November 13, 2026;
WHEREAS, the City of Wauwatosa has executed a Promissory Note between the city and the district,
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Wauwatosa that lending the School District $3,502,031.13 per the terms of the attached Promissory Note.
By: Financial Affairs Committee
recommendation
Recommendation: Approve 7-1