Number
260165
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution relating to issuance of redevelopment revenue bonds with respect to the 3100 Meinecke Project.
Analysis
Body
Whereas, the Redevelopment Authority of the City of Milwaukee (the “Authority”) is a public body corporate and politic duly organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Wisconsin Statutes section 66.1333, as amended (the “Act”), to:
(a) carry out redevelopment and urban renewal projects within the corporate limits of the City of Milwaukee (the “City”);
(b) assist private acquisition, improvement and development of blighted property for the purpose of eliminating the status as blighted property;
(c) enter into contracts with redevelopers of property containing covenants, restrictions and conditions regarding the use of such property for the purpose of eliminating the status of the property as blighted property; and
(d) issue bonds or other indebtedness; and
KG Development Group, a Wisconsin development company (the “Company”), and/or some or all of the members or shareholders of the Company (individually or as a part of any combination, joint venture, limited liability company, limited liability partnership or partnership of which any of the foregoing are a part) (the foregoing are collectively referred to herein as the “Project Owner”) are proposing to undertake a redevelopment project consisting of the construction and equipping of an approximately 83-unit affordable apartment development to be known as 3100 Meinecke (the “Project”), located at 3100 West Meinecke Avenue (the “Project Site”); and
Whereas, the Project Owner has estimated that the cost of the portion of the Project to be financed with bonds will be approximately $7,600,000; and
Whereas, it is the finding and determination of this body that the public interest will be served if the Authority were to provide financing under the Act for the ...
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