Number
030101
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution transferring the award of HOME funding in the amount of $274,000 for the Matyas Building project from the YWCA to the Wisconsin Preservation Fund (WPF).
Analysis
Body
Whereas, The Common Council of the City of Milwaukee approved HOME funding to the YWCA in the amount of $274,000 for the Matyas Building project to be used as a loan to a LLC Developer on January 22, 2003 under Resolution number 021299. The project extension through December 31, 2003 was also approved at that time; and
Whereas, The YWCA and the LLC Developer has requested to change the project sponsor from the YWCA and also increase the HOME funding award up to a maximum of $360,000. The YWCA has offered the project to another local non-profit, the Wisconsin Preservation Fund; and
Whereas, The Wisconsin Preservation Fund has agreed to take over the project including debt/costs incurred by the YWCA related to the Matyas Building project contingent upon the transfer of HOME funding in the amount of $274,000 from the YWCA to their organization; and
Whereas, The Community Development Committee has approved the transfer of the HOME award from the YWCA to the Wisconsin Preservation Fund in the amount of $274,000; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the organization award change to the Wisconsin Preservation Funds is approved and the original award amount will remain at $274,000; and, be it
Further Resolved, That Wisconsin Preservation Fund will provide the Community Development Committee with an update on program income earned in one year as previously stated in File Number 021299.
Requestor
Drafter
YWCA-WPF
04/16/03