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File #: 080539    Version: 0
Type: Resolution Status: Passed
File created: 7/30/2008 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 9/16/2008
Effective date:    
Title: Resolution authorizing the Neighborhood Improvement Development Corporation to use funds received under the Kilbourn Tower Settlement Agreement for lending activities to support the development and rehabilitation of affordable housing for low- and moderate-income families in the City of Milwaukee.
Sponsors: THE CHAIR
Indexes: AGREEMENTS, HOUSING, NEIGHBORHOOD IMPROVEMENT DEVELOPMENT CORPORATION
Attachments: 1. Fiscal Note.pdf, 2. Exhibit A.pdf, 3. Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
9/26/20080 MAYOR SIGNED   Action details Meeting details Not available
9/16/20080 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
9/16/20080 COMMON COUNCIL REFERRED TO

Minutes note: Motion by Ald. Joe Dudzik Re: CCFN 080539, Item #4 on the Zoning, Neighborhoods & Development Committee, a resolution authorizing the Neighborhood Improvement Development Corporation to use funds received under the Kilbourn Tower Settlement Agreement for lending activities to support the development and rehabilitation of affordable housing for low-and moderate-income families in the City of Milwaukee. “I move to refer this file back to committee.” (Explanation: This file authorizes NIDC to expend up to $700,000 which the City of Milwaukee received under the Kilbourn Tower Settlement Agreement for lending activities to support the development and rehabilitation of affordable housing for low-and moderate-income families in the City of Milwaukee. The agreement itself approved under CCFN 071478, adopted by the Common Council on March 18, 2008, does not require that the funds be used for such purpose. Hence, it is my intention that if this file is returned to committee, I will propose a new substitute resolution that will reallocate $500,000 of this funding from NIDC to the City ‘s General Fund, allowing $200,000 to remain with NIDC. I am not able to offer a substitute to this file at today’s Council meeting due to public notice requirements, per the City Clerk. 		Fail3:12 Action details Meeting details Not available
9/8/20080 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals present: Maria Prioletta and Jim Sayers - Dept. of City Development		Pass5:0 Action details Meeting details Not available
9/2/20080 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/2/20080 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/2/20080 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/2/20080 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
7/30/20080 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

080539

Version

ORIGINAL

Reference

020968, 021220, 071478

Sponsor

THE CHAIR

Title

Resolution authorizing the Neighborhood Improvement Development Corporation to use funds received under the Kilbourn Tower Settlement Agreement for lending activities to support the development and rehabilitation of affordable housing for low- and moderate-income families in the City of Milwaukee.

Analysis

This resolution will permit the Neighborhood Improvement Development Corporation to utilize funds received from the Kilbourn Tower Settlement Agreement for lending activity for the rehabilitation and development of housing for low- and moderate-income families in the City of Milwaukee. The funds will be used to leverage additional funds from local financial institutions and to expand the Neighborhood Improvement Development Corporation’s lending capacity and loan programs.

Body

Whereas, The City of Milwaukee (“City”), by Common Council File No. 020968 declared the property located at 923 East Kilbourn Avenue as surplus and authorized its sale to Kilbourn Tower, LLC, and by File No. 021220 directed that $700,000 of the $950,000 property sale price be transferred to the Neighborhood Improvement Development Corporation (“NIDC”) for financing city-wide development and rehabilitation of affordable housing for low- and moderate-income families; and

 

Whereas, By File No. 071478 the Common Council authorized the City to enter into a Settlement Agreement with Kilbourn Tower, LLC whereby the City would receive the amounts owed under the Agreement of Sale, including sales proceeds from the original purchase of the property; and

 

Whereas, By File No. 071748, the Common Council directed NIDC to recommend uses for the $700,000 component of the sales proceeds that were segregated for NIDC activities to the Common Council for its approval; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that the uses of the $700,000 in Kilbourn Tower Settlement Agreement funds directed to NIDC are approved consistent with the uses that are detailed in Exhibit A, a copy of which is attached to this Common Council File; and, be it

 

Further Resolved, That on an annual basis, NIDC will provide a report to the Common Council regarding its use of said funds.

Drafter

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07/30/08/A