City of Milwaukee - File #: R13067

• File #: R13067
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 5/31/2019
• In control: HOUSING AUTHORITY
• Final action: 6/5/2019
• Title: Resolution approving the Housing Authority of the City of Milwaukee to take all action necessary in connection with the rehabilitation RAD conversion of Holton Terrace, including serving as guarantor for all loans related thereto; and as developer for Holton Terrace
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
6/5/2019	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Commissioner VandeBerg abstained from the vote due to her employment with Associated Bank, which is purchasing the tax credits for the Rent Assistance Development (RAD) conversion of Holton Terrace.	Pass	5:0

Number
R13067

Version
Original

Reference

Sponsor
Chair

Title
Resolution approving the Housing Authority of the City of Milwaukee to take all action necessary in connection with the rehabilitation RAD conversion of Holton Terrace, including serving as guarantor for all loans related thereto; and as developer for Holton Terrace

Analysis

Body
WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority”) is the sole and managing member (“Managing Member”) of Holton Terrace Development LLC, a Wisconsin limited liability company (“Holton Terrace Development”), pursuant to that certain Operating Agreement for Holton Terrace Development LLC, effective June 26, 2018 (the “Operating Agreement”), adopted by resolution dated April 17, 2019;

WHEREAS, Holton Terrace Development is the sole and managing member of Holton Terrace LLC, a Wisconsin limited liability company (“Holton Terrace LLC”) pursuant to that certain Operating Agreement for Holton Terrace LLC, effective June 26, 2018 (the “Operating Agreement”), adopted by resolution dated April 17, 2019;

WHEREAS, Holton Terrace LLC was organized for the purpose, among others, of acquiring, rehabilitating, developing, owning and operating a 120-unit low income residential apartment building located at 2825 North Holton Street, Milwaukee, Wisconsin, known as Holton Terrace (the “Project”);

WHEREAS, pursuant to a Special Warranty Deed from the Authority, as grantor, and Holton Terrace LLC, as grantee (the “Deed”), Holton Terrace LLC shall acquire a fee interest in the Project, as well as certain real property and other buildings and improvements situated thereon, as more particularly described on Exhibit A attached hereto (the “Property”);

WHEREAS, the Rental Assistance Demonstration program (“RAD”) permits public housing authorities to redevelop public housing and is a key component of the
U.S. Department of Housing and Urban Development (“HUD”)'s plan for preserving affordable rental housing, e...