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File #: 170147    Version: 0
Type: Resolution Status: Passed
File created: 5/9/2017 In control: COMMON COUNCIL
On agenda: Final action: 5/31/2017
Effective date:    
Title: Resolution approving a supplement to the Amended and Restated Ground Lease between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee to facilitate the bonds for the renovation of various Milwaukee Public Schools.
Sponsors: THE CHAIR
Indexes: BONDS, GOVERNMENT, MILWAUKEE PUBLIC SCHOOLS, REDEVELOPMENT AUTHORITY
Attachments: 1. Site List, 2. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
6/9/20170 MAYOR SIGNED   Action details Meeting details Not available
5/31/20170 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
5/23/20170 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Jeremy McKenzie, Assistant City Attorney Travis Luzney, Milwaukee Public Schools Members asked that a list of 26 schools identified be submitted to the file.
Pass5:0 Action details Meeting details Video Video
5/19/20170 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/9/20170 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
170147
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution approving a supplement to the Amended and Restated Ground Lease between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee to facilitate the bonds for the renovation of various Milwaukee Public Schools.

Analysis
This resolution approves a supplement to the Amended and Restated Ground Lease between the City of Milwaukee and the Redevelopment Authority of the City of Milwaukee and the proper City officers to execute the supplement.

Body
Whereas, The City of Milwaukee (“City”), acting on behalf of the Milwaukee Board of School Directors, and the Redevelopment Authority of the City of Milwaukee (“RACM”) are parties to that certain Amended and Restated Ground Lease dated as of November 1, 2016 (“Ground Lease”); and

Whereas, The purpose of the Ground Lease was to facilitate RACM’s issuance of Redevelopment Lease Revenue Bonds the proceeds of which were used to finance the cost of energy efficiency improvements at various schools; and

Whereas, The Milwaukee Board of School Directors has asked RACM to issue additional Redevelopment Lease Revenue Bonds to finance the cost of energy efficiency improvements at schools currently subject to the Ground Lease as well as two additional schools; and

Whereas, The two additional schools have previously been determined by the City and RACM to be blighted property; and

Whereas, In order to facilitate the energy efficiency improvements at these additional schools, RACM must acquire additional parcels of public school property via a supplement to the Ground Lease in order to allow the construction of improvements to these additional schools, and

Whereas, RACM’s acquisition of the additional parcels under the supplement to 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 ...

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