Number
021299
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution transferring the terms of the grant activity of a HOME fund award for the YWCA to allow the organization to sub-contract the funds as a loan.
Analysis
Body
Whereas, The Common Council of the City of Milwaukee approved funding to the YWCA on November 6, 2001 to be used as a Rental and Mixed Use Development project. Theses funds were awarded as a grant of HOME funds in the amount of $274,000; and
Whereas, The YWCA has requested to change the activity to allow the organization to sub-contract the funds as a loan award to a LLC Developer; and
Whereas, The Community Development Committee has agreed to extend this project through December 31, 2003 and the activity will be established as a loan. The YWCA will provide the Community Development Committee with a update on program income earned in one year; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the award extension through December 31, 2003 is approved and the activity is approved as a loan.
Requestor
Drafter
YWCA-2
01/14/03