Number
260505
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of a Governmental Lender Note, Series 2026 (Austin Commons Project).
Analysis
Body
WHEREAS, the Redevelopment Authority of the City of Milwaukee, Wisconsin (the “Redevelopment Authority”) is a body corporate and politic, duly created, organized, and existing under and by virtue of Section 66.1333 of the Wisconsin Statutes, as amended (the “Act”); and
WHEREAS, the Act authorizes the Redevelopment Authority to issue notes, bonds and other obligations to finance blight elimination, slum clearance and urban renewal programs and projects within the City of Milwaukee; and
WHEREAS, Austin Commons, LLC, a Wisconsin limited liability company (the “Borrower”), has requested that the Redevelopment Authority issue its Governmental Lender Note (as hereinafter defined) the proceeds of which will be loaned to the Borrower and used to finance the construction, acquisition and equipping of a 100-unit multifamily residential rental housing project to be located at 2332 S. Austin Street in the City of Milwaukee to be known as Austin Commons (the “Project”); and
WHEREAS, pursuant to the Act, the Common Council of the City of Milwaukee has declared the area in which the Project is located to be a blighted area in need of a blight elimination, slum clearance and urban renewal project; and
WHEREAS, the Redevelopment Authority has determined that the issuance of the Governmental Lender Note to finance the construction, acquisition and equipping of the Project within such blighted area will further the blight elimination and urban renewal purposes of the Act; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), a public hearing was conducted on July 16, 2026 (the “Public Hearing”) and a report of such hearing will be submitted to the Mayor of the City of Milwaukee in connection with the Mayor’s approval of the issuance of ...
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