City of Milwaukee - File #: 001589

• File #: 001589
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 2/27/2001
• In control: COMMUNITY DEVELOPMENT COMMITTEE
• Final action: 5/8/2001
• Title: Substitute resolution authorizing the cancellation of a loan balance that is deemed uncollectable.
• Sponsors: THE CHAIR
• Indexes: COMMUNITY DEVELOPMENT BLOCK GRANT, MUNICIPAL BORROWING

Date	Ver.	Action By	Action	Result	Tally
5/17/2001	1	MAYOR	SIGNED
5/8/2001	1	COMMON COUNCIL	ADOPTED	Pass	16:0
5/2/2001	1	COMMUNITY DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	7:0
4/17/2001	1	COMMUNITY DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/9/2001	1	CITY CLERK	DRAFT SUBMITTED
2/27/2001	0	COMMON COUNCIL	ASSIGNED TO

Number

001589

Version

SUBSTITUTE 1

Reference

Sponsor

THE CHAIR

Title

Substitute resolution authorizing the cancellation of a loan balance that is deemed uncollectable.

Analysis

Body

Whereas, The Westside Conservation Corporation, Venture II Limited Partnership is no longer in operation and did not file for bankruptcy or formally dissolved, has collapsed as a corporation; and

Whereas, The Westside Conservation Corporation Venture II Limited Partnership was awarded a Community Development Block Grant loan in the amount of $70,800 under Common Council file number 931024, to participate in housing rehabilitation tax credits for a specific project; and

Whereas, The City Attorney office has deemed this loan uncollectable; now, therefore, be it

Resolved, That the Common Council of the City of Milwaukee authorizes the City Comptroller to write off the CDBG loan as uncollectable.

Requestor

Drafter

WCC

04/04/01