NUMB:
970782
VERS:
Substitute 1
REF:
XXBY:
Ald. Gordon, Ald. Henningsen, Ald. D'Amato
TITL:
Substitute resolution authorizing execution of a Cooperation Agreement for the NIDC Revolving Loan Fund between the City of Milwaukee and the Neighborhood Improvement Development Corporation.
ANLS:
_____________________________________________
-Analysis-
This Resolution authorizes execution of a Cooperation Agreement that will provide for the transfer of certain housing rehabilitation loan portfolios to the Neighborhood Improvement Development Corporation. NIDC will utilize the assets and proceeds of the transferred loan portfolios to augment and expand upon the current activities of the Housing and Neighborhood Development Division of the Department of City Development through implementation of a Housing and Neighborhood Development Program.
_____________________________________________
BODY:
Whereas, the City of Milwaukee ("City") has operated various rehabilitation loan programs (the "Existing Program") for the promotion of low and moderate income housing and neighborhood development opportunities in the City; and
Whereas, the City formed the Neighborhood Development Corporation ("NIDC") for the purpose of fostering housing and neighborhood development for the benefit of the City and its citizens; and
Whereas, the Existing Program currently maintains a portfolio of loans with a principal balance of approximately $15,600,000.00 dollars and utilizes the approximately $1,600,000.00 in annual revenues generated by such loans for housing and neighborhood development activities; and
Whereas, there exist certain contracts and agreements between the City and third parties related to the Existing Program which can be assigned to NIDC; and
Whereas, the City and NIDC desire to provide for the creation and operation by NIDC of a housing and neighborhood development revolving loan program ("Program") with the goal of fostering housing and neighborhood development for the benefit of the City and its citizens; and
Whereas, in connection with the creation of the Program, the City desires to transfer to NIDC the loan portfolios maintained in conjunction with the Existing Program and to assign to NIDC certain outstanding agreements and contracts pertaining to the Existing Program; and
Whereas, the management and operation of the Program by NIDC will contribute to housing and neighborhood development within the City and further the corporate objectives of NIDC; and
Whereas, the Cooperation Agreement for Housing and Neighborhood Development Revolving Loan Program which provides for the transfer of outstanding loan portfolios and agreements to NIDC is attached to this Common Council file; now, therefore, be it
Resolved, by the Common Council of the City of Milwaukee that the proper City officials are authorized and directed to execute the Cooperation Agreement for Housing and Neighborhood Development Revolving Loan Program substantially in the form attached to this Common Council file, with such minor non-substantive changes as may be approved by the Office of the City Attorney; and be it
Further Resolved, that the proper City officials are authorized and directed to execute all assignments and other documentation required to transfer the loan portfolios and contracts referenced in the Cooperation Agreement from the City to NIDC; and be it
Further Resolved, that all City officials, departments, boards and commissions are authorized and directed to take all such actions and to provide such assistance as may be needed to carry out the intent and purpose of this resolution.
ZDPT:
DFTR:
City Atty.
TOG:ksk
09/11/97
kkloso\HOUSING