Number
080633
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the partial cancellation of the loan balance from the sale of a tax credit loan property.
Analysis
This resolution authorizes the loan balance write-off of the uncollectable portion of CDBG Loan balances.
Body
Whereas, The City of Milwaukee previously had a lien on a property located at 2200-2218 N. Martin Luther King Jr. Dr. purchased to participate in housing rehabilitation tax credits; and
Whereas, The former owner of the property, Historic King Place Limited Partnership, sold the property of the Historic King Place Apartments, LLC, and
Whereas, The City’s portion of the original purchase on this property is in the amount of $189,000 of Community Development Block Grant (CDBG) funds, and
Whereas, Historic King Place Apartments, LLC has provided a check in the amount of $128,000 to the City of Milwaukee leaving a remaining loan balance of $61,000 to be written off as uncollectable; and
Whereas, The outstanding loan balances for the following organizations are also deemed uncollectable because the organizations are no longer in existence. They are the Grants Building Renovation Project in the amount of $6,167.38 (CDBG funds) and the Mid-Town Neighborhood Association in the amount of $6,156.79 (CDBG funds); and
Whereas, The Community and Economic Development Committee recommends approval of the loan balances write-off totaling $73,324.17 as uncollectable; now therefore, be it
Resolved, That the Common Council of the City of Milwaukee approves the write-off the uncollectable loan balances.
Requestor
Drafter
CDGA-HistKingPl
08/21/08