Number
080324
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving the designation of the McKinley Gardens Project, the Main Street Gardens project and the Cleveland Terrace Apartments Project as “Housing Projects” for the purpose of issuing tax exempt conduit revenue bonds and further authorizing the execution of Payment in Lieu of Taxes (PILOT) Agreements for each of those projects.
Analysis
Approval of the designation of these Projects as “Housing Projects” will allow the issuance of conduit revenue bonds by the Redevelopment Authority of the City of Milwaukee and authorize execution of PILOT Agreements.
Body
Whereas, The Wisconsin Housing Preservation Corp., a Wisconsin non-profit corporation (“WHPC”) has requested that the Redevelopment Authority of the City of Milwaukee (“Authority”) issue its revenue bonds pursuant to §§ 66.1333 and 66.1201 through 66.1211 of the Wisconsin Statutes, as amended, in a maximum aggregate amount of up to $6,000,000 on behalf of McKinley Gardens, LLC to finance and/or refinance the acquisition and improvement of the McKinley Gardens Project consisting of approximately 119 units in 17 buildings at the locations set forth in the Notice of Public Hearing published by the Authority with respect to this Project; and
Whereas, WHPC has also requested the Authority to issue its revenue bonds in the amount of up to $7,150,000 in order to finance and/or refinance the acquisition of and improvements to Main Street Gardens, 25-unit housing project comprised of six buildings located at the address as set forth in the Notice of Public Hearing published by the Authority and Cleveland Terrace Apartments, a 23-unit housing project comprised of seven buildings and also located at the address as reflected in the Notice of Public Hearing published by the Authority; and
Whereas, The Authority is acting pursuant to the terms of an Intergovernmental Cooperation Agreement between the Housing Authority of th...
Click here for full text