Number
070501
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution designating Fairmount Meadows Apartments at 5010 North 91st Street as a housing project, in the 5th Aldermanic District
Analysis
This resolution approves the designation of Fairmount Meadows Apartments as a “housing project” in order to allow the Redevelopment Authority to issue its revenue bonds to finance acquisition and rehabilitation.
Body
Whereas, the Redevelopment Authority of the City of Milwaukee adopted Resolution No. 9918 on April 19, 2007 providing for the issuance of its revenue bonds to finance the Fairmount Meadows Apartments Project; and
Whereas, that Resolution further designated the Fairmount Meadows Apartments Project as a “housing project” as defined in Wis. Stat. § Section 66.1201; and
Whereas, the designation of housing projects under Wis. Stat. § Section 66.1201 is subject to approval of the Common Council pursuant to Wis. Stat. § Section 66.1201 (9)(a); and
Whereas, the Housing Authority of the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee have entered into an Intergovernmental Cooperation Agreement authorizing the Redevelopment Authority to exercise the powers of the Housing Authority in connection with the issuance of bonds for the financing of certain housing projects, including the Fairmount Meadows Apartments Project, as authorized by Wis. Stat. § Section 66.1333 (5)(9); and
Whereas, the Common Council desires to approve the designation of the Fairmount Meadows Apartments Project as a “housing project”;
Now therefore, be it resolved by the Common Council of the City of Milwaukee that the designation of the Fairmount Meadows Apartments Project as a “housing project” is hereby approved.
Requestor
City Attorney
Drafter
TOG:mll
July 18, 2007
1089-2007-1032:121463