City of Milwaukee - File #: R13432

• File #: R13432
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 11/3/2023
• In control: HOUSING AUTHORITY
• On agenda: 11/8/2023
• Final action: 11/8/2023
• Title: Resolution approving the Housing Authority of the City of Milwaukee (HACM) to take all action necessary in connection with the rehabilitation of Highland Gardens, including serving as Guarantor for all loans related thereto and as Developer for Highland Gardens.
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
11/8/2023	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Fernando Aniban, HACM’s Assistant Secretary, stated that Highland Gardens is a 114-unit multi-family building that applied and was awarded a tax credit allocation in the spring of 2023. He explained that the resolution would allow HACM to execute all of the documents necessary for the Highland Gardens rehabilitation.	Pass	4:0

Number
R13432

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving the Housing Authority of the City of Milwaukee (HACM) to take all action necessary in connection with the rehabilitation of Highland Gardens, including serving as Guarantor for all loans related thereto and as Developer for Highland Gardens.

Analysis

Body
WHEREAS, the Housing Authority of the City of Milwaukee (“HACM”) authorized the creation of an LLC Owner for Highland Gardens, a 114-unit residential housing development with other ancillary improvements (the “Project”);

WHEREAS, the Project is currently owned by Highland Park Community LLC (the “Current LLC”);

WHEREAS, Highland Gardens LLC, a Wisconsin limited liability company (the “Project Owner”) was formed to be the LLC Owner of the Project pursuant to Articles of Organization, filed on July 11, 2023 with the State of Wisconsin Department of Financial Institutions;

WHEREAS, HACM authorized the formation of Highland Gardens Development LLC, a Wisconsin limited liability company (the “Company”), to be the sole Managing Member of the Project Owner, pursuant to Articles of Organization, filed July 11, 2023 with the State of Wisconsin Department of Financial Institutions;

WHEREAS, HACM is the sole member and managing member of the Company pursuant to that certain Operating Agreement for the Company, effective July 11, 2023 (the “Operating Agreement”), as authorized by HACM;

WHEREAS, the Project Owner was organized for the purpose, among others, of acquiring, rehabilitating, developing, owning and operating the Project;

WHEREAS, the Wisconsin Housing and Economic Development Authority (“WHEDA”) awarded the Project Owner low income housing tax credits pursuant to Section 42 of the Internal Revenue Code for the rehabilitation of the Project;

WHEREAS, in connection with the rehabilitation of the Project, investor members to be named will invest as investor members of the Project Owner (the “Investor Members”...