City of Milwaukee - File #: 141774

• File #: 141774
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 3/3/2015
• In control: COMMON COUNCIL
• Final action: 3/31/2015
• Title: Substitute resolution approving a cooperation agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Milwaukee Public Schools for the issuance of QSC bonds facilitating the renovation of various Milwaukee Public Schools and approving a blight designation for these schools.
• Sponsors: ALD. BOHL
• Indexes: MILWAUKEE PUBLIC SCHOOLS, REDEVELOPMENT AUTHORITY, SCHOOL BUILDINGS

Date	Ver.	Action By	Action	Result	Tally
4/2/2015	1	MAYOR	SIGNED
3/31/2015	1	COMMON COUNCIL	ADOPTED	Pass	15:0
3/24/2015	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Thomas Gartner, Assistant City Attorney Mary Schanning, Assistant City Attorney Gina Spang, Milwaukee Public Schools Director of Facilities and Maintenance Ald. Joe Davis, Sr., Aldermanic District 2 Ald. Wade joined the committee at 9:19 a.m.	Pass	5:0
3/18/2015	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
3/16/2015	1	CITY CLERK	DRAFT SUBMITTED
3/3/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
141774
Version
ORIGINAL
Reference

Sponsor
ALD. BOHL
Title
Substitute resolution approving a cooperation agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Milwaukee Public Schools for the issuance of QSC bonds facilitating the renovation of various Milwaukee Public Schools and approving a blight designation for these schools.

Analysis
This resolution approves designation by the Redevelopment Authority of the City of Milwaukee (“RACM”) of the various Milwaukee public schools properties identified on the attached list (collectively the “Schools”) under Section 66.1333(2m)(bm) of the Wisconsin Statutes and authorizes the proper City officers to execute the Cooperation Agreement between the City, RACM and Milwaukee Public Schools (“MPS”) to finance improvements to the Schools.

Body
Whereas, RACM and MPS anticipate cooperative efforts to authorize the issuance of RACM revenue bonds as Qualified School Construction Bonds (the “Bonds”) pursuant to the terms of a Cooperation Agreement dated as of April 1, 2015 (the “Cooperation Agreement”) in order to finance renovations to the Schools; and

Whereas, pursuant to Section 66.1333 of the Wisconsin Statutes, RACM adopted a resolution determining that each of the Schools, by virtue of their present condition, substantially impair and arrest the sound growth and development of the community and further determining that each of the Schools constitutes a “blighted property” within the meaning of Section 66.1333(2m)(bm) of the Wisconsin Statutes; and

Whereas, RACM also anticipates acquisition of a ground lease in and to each of the Schools (the “Ground Lease”) in order to allow construction of improvements to the Schools and acquisition of the Ground Lease requires Common Council approval pursuant to Section 66.1333(5)(c), Wisconsin Statutes; and

Whereas, this resolution further authorizes the proper City officers to execute the Ground Lease, the Cooperati...