NUMB:
971123
VERS:
SUBSTITUTE NO. 1
REF:
XXBY:
ALD. HENNINGSEN
TITL:
Substitute Resolution approving a Cooperation Agreement between the City of Milwaukee and the Neighborhood Improvement Development Corporation authorizing the issuance of short-term promissory notes for a project undertaken for a public purpose, to wit: to provide the Neighborhood Improvement Development Corporation with grant funds to be used for funding a loan guaranty for the St. James Court Apartment Project.
ANLS:
________________________________________________________
-Analysis-
Substitute resolution approving a Cooperation Agreement between the City of Milwaukee and the Neighborhood Improvement Development Corporation and authorizing the issuance of short-term promissory notes under sec. 67.12(12), Stats., for a project undertaken for a public purpose, to-wit: to provide the Neighborhood Improvement Development Corporation with grant funds to be used to provide a Loan Guaranty for the St. James Court Apartment Project. _________________________________________________________
BODY:
Whereas, The Neighborhood Improvement Development Corporation ("NIDC") proposes to enter into a Guaranty Agreement as of January 1, 1998 in conjunction with the St. James Court Apartment Project; and
Whereas, In lieu of immediately funding a grant to NIDC with respect to the Guaranty Agreement the City and NIDC desire to enter into a Cooperation Agreement which will assure the availability of funds at such time as they become necessary pursuant to the terms of said Guaranty Agreement; and
Whereas, This Resolution authorizes the issuance of short-term promissory notes to fund a grant to NIDC in the event that it becomes necessary under the Guaranty Agreement; and
Whereas, A copy of the Cooperation Agreement is attached to this Common Council Resolution File; and
Whereas, The 1998 budget of the City of Milwaukee authorizes contingent borrowing in the form of ge...
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