NUMB:
990116
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution consenting to the Intercreditor Agreement between Firstar Bank Milwaukee, N.A. and the United States Department of Commerce, Economic Development Administration, relative to the YWCA Women's Enterprise Center at 1915 North Dr. Martin Luther King Jr. Drive. (DCD)
ANLS:
- Analysis -
The resolution approves an Agreement giving EDA and Firstar a shared first mortgage on the YWCA's facility at 1915 North Dr. Martin Luther King Jr. Drive so Firstar can provide financing for an expansion.
BODY:
Whereas, On August 31, 1994, the United States Department of Commerce, Economic Development Administration ("EDA"), the City of Milwaukee ("City"), the Redevelopment Authority of the City of Milwaukee ("Redevelopment Authority") and the YWCA of Metropolitan Milwaukee entered into a grant agreement through which EDA awarded $2.2 million to the YWCA for the purpose of funding its Women's Enterprise Center located at 1915 North Dr. Martin Luther King Jr. Drive; and
Whereas, The grant is secured by a first mortgage in the amount of $2.2 million on the project; and
Whereas, The YWCA plans to expand the Women's Enterprise Center, financing such expansion through the issuance of up to $4 million of Redevelopment Authority tax exempt revenue bonds, payment on which will be secured by a letter of credit issued by Firstar Bank Milwaukee, N.A. ("Firstar"); and
Whereas, Both EDA and Firstar require a first mortgage on the project and have asked the City as party to the original grant agreement, to consent to the Intercreditor Agreement, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the subject Intercreditor Agreement is approved and the proper City officials are authorized and directed to consent to such Agreement on behalf of City.
ZDPT:
DFTR:
DCD:JS:mg
04/20/99/A