City of Milwaukee - File #: R13452

• File #: R13452
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 12/7/2023
• In control: HOUSING AUTHORITY
• On agenda: 12/13/2023
• Final action: 12/13/2023
• Title: Resolution approving the assignment of a Real Estate and Membership Interest Purchase Agreement from the Housing Authority of the City of Milwaukee to Convent Hill 202 Holdings, Inc.
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
12/13/2023	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Attorney Tom Gartner, Senior Counsel with Michael Best & Friedrich, explained that Convent Hill has two condominiums, units 4 and 5, that were purchased by Friends of Housing (FOH) with special funding and that they cannot be owned by the Housing Authority. With the dissolution of FOH, this new instrumentality has been created so that it can own these properties. The instrumentality’s Articles of Incorporation and Bylaws allow HACM to appoint the individuals who will serve on its Board. Attorney Gartner also stated that those individuals have not been finalized and noted that HACM is waiting for a final response from HUD. The Cooperation Agreement allows the entity to share staff and facilities services, and the resolution approving the Real Estate and Membership Interest Purchase Agreement Assignment gives Convent Hill 202 Holdings, Inc., the right to acquire and act as the owner of Units 4 and 5.	Pass	3:0

Number
13452

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving the assignment of a Real Estate and Membership Interest Purchase Agreement from the Housing Authority of the City of Milwaukee to Convent Hill 202 Holdings, Inc.

Analysis

Body
WHEREAS, Convent Hill 202 Holdings, Inc. was formed to provide elderly or disabled persons with housing facilities and services specifically designed to meet their physical, social and psychological needs, and to promote their health, security, happiness, and usefulness in longer living, the charges for such facilities and services to be predicated upon the provision, maintenance, and operation thereof on a nonprofit basis; and

WHEREAS, a Real Estate and Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among Friends of Housing Corporation, a Wisconsin nonstock corporation (“FOH”), Covent Hill 202, Inc., a Wisconsin nonstock corporation (“Convent Hill GP, and, together with FOH, the “Seller”) and the Housing Authority of the City of Milwaukee is on file with the Secretary; and

WHEREAS, Convent Hill 202, Inc. is the owner of a general partnership interest in Convent Hill Gardens Limited Partnership is the owner of: (i) that certain real property described as Unit 4, Convent Hill Condominium, Milwaukee, Wisconsin, identified as PIN 360-1754-0000 (“Unit 4”) and (ii) that certain real property described as Unit 5, Convent Hill Condominium, Milwaukee, Wisconsin, identified as PIN 360-1755-000 (“Unit 5”); and (iii) certain furniture, equipment, appliances, machinery, inventories, supplies, signs, and other tangible personal property of every kind and nature installed, located or situated on, or used in connection with, the operation of Units 4 and 5; and

WHEREAS, Units 4 and 5 consist of units assisted under Section 202 of the Housing Act of 1959; and

WHEREAS, projects assisted under Section 202 of the Housing Act of 1959 must be owned by nonprofit organizations and t...