Number
080324
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving the designation of the McKinley Gardens Project, the Main Street Gardens project and the Cleveland Terrace Apartments Project as “Housing Projects” for the purpose of issuing tax exempt conduit revenue bonds and further authorizing the execution of Payment in Lieu of Taxes (PILOT) Agreements for each of those projects.
Analysis
Approval of the designation of these Projects as “Housing Projects” will allow the issuance of conduit revenue bonds by the Redevelopment Authority of the City of Milwaukee and authorize execution of PILOT Agreements.
Body
Whereas, The Wisconsin Housing Preservation Corp., a Wisconsin non-profit corporation (“WHPC”) has requested that the Redevelopment Authority of the City of Milwaukee (“Authority”) issue its revenue bonds pursuant to §§ 66.1333 and 66.1201 through 66.1211 of the Wisconsin Statutes, as amended, in a maximum aggregate amount of up to $6,000,000 on behalf of McKinley Gardens, LLC to finance and/or refinance the acquisition and improvement of the McKinley Gardens Project consisting of approximately 119 units in 17 buildings at the locations set forth in the Notice of Public Hearing published by the Authority with respect to this Project; and
Whereas, WHPC has also requested the Authority to issue its revenue bonds in the amount of up to $7,150,000 in order to finance and/or refinance the acquisition of and improvements to Main Street Gardens, 25-unit housing project comprised of six buildings located at the address as set forth in the Notice of Public Hearing published by the Authority and Cleveland Terrace Apartments, a 23-unit housing project comprised of seven buildings and also located at the address as reflected in the Notice of Public Hearing published by the Authority; and
Whereas, The Authority is acting pursuant to the terms of an Intergovernmental Cooperation Agreement between the Housing Authority of the City of Milwaukee and the Authority dated as of July 18, 2007 providing for the shared exercise of power and the designation of projects to be financed by the Authority as “Housing Projects;” and
Whereas, The designation of Projects such as the McKinley Gardens Project, the Main Street Gardens Project and the Cleveland Terrace Apartments Project requires the approval of the Common Council; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the designation of the McKinley Gardens Project, the Main Street Gardens Project, and the Cleveland Terrace Apartments Projects as “Housing Projects” by the Authority is hereby approved.
Requestor
City Attorney
Drafter
TOG:mll
June 17, 2008
1050-2008-1441:134092
Technical changes made on 6/25/08 - LME