City of Milwaukee - File #: T350

• File #: T350
• Version: 0
• Type: Travaux Resolution
• Status: Passed
• File created: 8/8/2024
• In control: TRAVAUX INC. BOARD OF DIRECTORS
• On agenda: 8/15/2024
• Final action: 8/15/2024
• Title: Resolution approving Travaux, Inc. to take all actions necessary in connection with the transfer of Highland Gardens to the Housing Authority of the City of Milwaukee and the refinance and rehabilitation of Highland Gardens
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
8/15/2024	0	TRAVAUX INC. BOARD OF DIRECTORS	ADOPTED; Minutes note: Fernando Aniban, HACM’s Assistant Secretary, summarized the background information provided with the agenda. Director McCarthy asked about Columbia Housing SLP Corporation, Affordable Housing Fund III-I LLC, and Sugar Creek Capital mentioned in the materials as secondary investors. Mr. Aniban explained that Columbia is an entity of PNC, a special member, that Sugar Creek Capital is the buyer of the state credit and PNC is the federal credit investor. The Directors requested that going forward a narrative be provided as to the history of the item, who all the parties are, and what role the parties play. Mr. Aniban answered Director Manzanet’s question regarding this item’s 1% ownership transaction structure. Mr. Aniban agreed that he would provide additional information about this item following the Board meeting.	Pass	7:0

Number
350

Version
Original

Reference

Sponsor
The President

Title
Resolution approving Travaux, Inc. to take all actions necessary in connection with the transfer of Highland Gardens to the Housing Authority of the City of Milwaukee and the refinance and rehabilitation of Highland Gardens

Analysis

Body
The undersigned, Housing Authority of the City of Milwaukee, a Wisconsin public body corporate and politic (the “Member” or “HACM”), being the sole member of Travaux, Inc. a Wisconsin nonstock nonprofit corporation (the “Corporation”) does hereby approve, authorize, adopt, consent to, and confirm the following actions, as hereinafter written:

WHEREAS, the Corporation is a substitute investor member of Highland Park Community, LLC, a Wisconsin limited liability company (the “Company”);

WHEREAS, the Highland Park Development, LLC (“HPD”) is the manager of the Company;

WHEREAS, HACM is the manager of the HPD;

WHEREAS, the Company currently owns Highland Gardens a 114-unit residential housing development with other ancillary improvements (the “Project”),

Whereas, the Project is subject to that certain RAD Use Agreement dated April 16, 2018 (the “RAD Use Agreement”) that was entered into by and among the Company, HACM, and the U.S. Department of Housing and Urban Development (“HUD”);

WHEREAS, the Project is subject to a RAD Project Based Voucher Housing Assistance Payment contract (the “RAD HAP”) and a Project-Based Voucher Housing Assistance contract (“PBV HAP” and together with RAD HAP, the “HAP Contracts”), dated June 1, 2018;

WHEREAS, pursuant to Resolution R13432, HACM, authorized, among other things, the refinancing and rehabilitation of the Project and the formation of a new entity to acquire, own, manage and operate the Project;

WHEREAS, in furtherance of the Project and pursuant to Articles of Organization, filed on July 11, 2023, with the State of Wisconsin Department of Financial Institutions; Highland Gardens LLC, a Wisconsin limit...