Number
260026
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving the issuance of revenue bonds by the Public Finance Authority for the benefit of Bedford Arbor Ridge, LLC and Bedford St James, LLC to finance the acquisition of (i) a 138-unit multifamily residential rental property located at 7960-7972 N 107th Street and known as Arbor Ridge Apartments, and (ii) a 236-unit multifamily residential rental property located at 10300 W Fountain Avenue known as St. James Place, each of which is located in the 9th Aldermanic District.
Analysis
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.
Body
Whereas, the Public Finance Authority (the "PFA") is a unit of government and body corporate and politic of the State of Wisconsin (the "State") created pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, commonly known as the "Joint Exercise of Powers Law" (as amended, the "Act") and an Amended and Restated Joint Exercise of Powers Agreement, dated September 28, 2010, (the "Joint Exercise Agreement") by and among Adams County, Wisconsin; Bayfield County, Wisconsin; Marathon County, Wisconsin; Waupaca County, Wisconsin; and the City of Lancaster, Wisconsin together with any other political subdivision that may from time to time be d...
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