City of Milwaukee - File #: 260026

• File #: 260026
• Version: 1
• Type: Resolution
• Status: Placed On File
• File created: 4/21/2026
• In control: COMMON COUNCIL
• Final action: 5/12/2026
• Title: Substitute resolution relating to the issuance of revenue bonds by the Public Finance Authority to finance the acquisition of two multi-family residential rental properties known as Arbor Ridge Apartments and St. James Place.
• Sponsors: THE CHAIR
• Indexes: BONDS, HOUSING, MUNICIPAL FINANCE

Date	Ver.	Action By	Action	Result	Tally
5/12/2026	1	COMMON COUNCIL	PLACED ON FILE	Pass	14:1
5/5/2026	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Appearing: Mary Schanning, Deputy City Attorney Ald. Larresa Taylor, 9th Ald. Dist. Ray Jones, bond counsel Troy Thomas Emily Zackon The Public Finance Authority is a public body corporate and politic created by the State of Wisconsin with the authority to issue conduit revenue bonds to finance a project with the approval of the political subdivision in which the project is located. This resolution constitutes City approval of the issuance of conduit revenue bonds by the Public Finance Authority for the multifamily housing facilities owned by Bedford Arbor Ridge, LLC and Bedford St James, LLC, and located at 7960-7972 N 107th Street and 10300 W Fountain Avenue, respectively. City approval of the project and the issuance of the bonds shall not give rise to a debt or pecuniary liability or a legal or moral obligation of the City for any reason whatsoever. Ald. Taylor was in opposition to the file and the proposed development project for affordable housing. A presentation was given on details of the proposed development project (St. James Place & Arbor Ridge) and its financing. Ald. Stamper moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
5/5/2026	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PLACING ON FILE; Minutes note: The file was substituted with Proposed Substitute A, relabeled as Substitute 1.	Pass	5:0
4/30/2026	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/30/2026	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/21/2026	0	COMMON COUNCIL	ASSIGNED TO

Number
260026
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution relating to the issuance of revenue bonds by the Public Finance Authority to finance the acquisition of two multi-family residential rental properties known as Arbor Ridge Apartments and St. James Place.
Analysis
This resolution approves the issuance of conduit revenue bonds by the Public Finance Authority for the multi-family housing facilities owned by Bedford Arbor Ridge, LLC and Bedford St James, LLC and provides for a public hearing on the issuance of the bonds. The facilities are located at 7960-7972 N 107th Street and 10300 W Fountain Avenue in the 9th Aldermanic District.
Body
Whereas, The Public Finance Authority (PFA) is a unit of government and body corporate and politic of the State of Wisconsin created pursuant to the provisions of ss. 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, and an Amended and Restated Joint Exercise of Powers Agreement, dated September 28, 2010; and

Whereas, The PFA is authorized to issue bonds, notes or other evidences of indebtedness and to make loans to assist in the financing of projects; and

Whereas, Bedford Arbor Ridge, LLC and Bedford St James, LLC (Borrower) are requesting the assistance of the PFA in financing the acquisition of two multi-family residential rental properties (Project) located at 7960-7972 North 107th Street and 10300 West Fountain Avenue and known as Arbor Ridge Apartments and St. James Place, respectively; and

Whereas, Arbor Ridge Apartments and St. James Place are proposed to have 138 units and 236 units, respectively; and

Whereas, The PFA would issue multi-family housing revenue bonds in an amount not to exceed $86,500,000 (Series 2026 Bonds) in order to fund a debt service reserve fund, pay capitalized interest, finance certain improvements at the facilities, and pay certain costs of issuance of the Series 2026 Bonds; and

Whereas, Under s. 66.0304(11)(a) Wis. Stats., the PFA ma...