Oak Creek — The Common Council started baking up the steps to bring Suzy's Cream Cheesecakes to the city by putting its preliminary stamp of approval on a special financing option for the company.
The option would allow the company to purchase specially-taxed industrial revenue bonds (IRBs), according to documents provided by City Clerk Catherine Roeske.
Although technically municipal bonds, the city is not responsible for paying them and the bonds do not count against the city's credit or taxing power, the documents state.
The owners of Suzy's Cream Cheesecakes want to renovate an unoccupied 44,000-square-foot building at 9911 S. Howell Ave. that previously had been used as a printing facility.
While it's not yet known how much renovations will cost, the IRB amount is set at a preliminary not-to-exceed amount of $2.2 million, according to the documents.
IRBs are used primarily for construction, expansion or reuse of manufacturing facilities and the interest earned on them is exempt from federal taxes. As a result, the bond issuer may agree to give the owner of Suzy's Cream Cheesecakes a lower interest rate.
A public hearing must be held, likely in February or March, before the bond issuance is fully approved.
The motion was met with unanimous approval, primarily hinging on the business owner's projection of adding 91 jobs to Oak Creek.
"We're taking what is frankly a potential eyesore and turning it into productive reuse by simply lending our name to the financing when the tenant is going to the bank to borrow the money," City Attorney Lawrence Haskin said.
Suzy's Cream Cheesecakes is located in St. Francis. They create and deliver cheesecakes.
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