powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 171130    Version: 0
Type: Resolution Status: Placed On File
File created: 11/7/2017 In control: COMMON COUNCIL
On agenda: Final action: 1/17/2018
Effective date:    
Title: Resolution approving an amended and restated cooperation agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Milwaukee Public Schools for the issuance of bonds facilitating the renovation of various Milwaukee Public Schools and approving a blight designation for these schools and an amended and restated ground lease between the City of Milwaukee and the Redevelopment Authority.
Sponsors: ALD. MURPHY
Indexes: BONDS, GOVERNMENT, LEASES, SCHOOLS
Attachments: 1. Comptroller Letter, 2. Fiscal Note, 3. Hearing Notice List
Number
171130

Version
Original

Sponsor
Ald. Murphy

Title
Resolution approving an amended and restated cooperation agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Milwaukee Public Schools for the issuance of bonds facilitating the renovation of various Milwaukee Public Schools and approving a blight designation for these schools and an amended and restated ground lease between the City of Milwaukee and the Redevelopment Authority.
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 Amended and Restated 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, Redevelopment Lease Revenue Bonds (the “Bonds”) pursuant to the terms of an Amended and Restated Cooperation Agreement dated as of December 1, 2017 (the “Amended and Restated Cooperation Agreement”) in order to finance renovations to the Schools; and

Whereas, RACM issued and sold its Federally Taxable Redevelopment Lease Revenue Bonds, Series 2015A (Milwaukee Public Schools - Qualified School Construction Bonds - Direct Payment Subsidy) the (“Series 2015 Bonds”) in a principal amount of $38,000,000 to provide an amount sufficient, after provision for financing costs, to pay the estimated amount of the project costs; and

Whereas, In connection with the issuance of the Series 2015 Bonds, the Authority acquired from the City, acting on behalf of MPS, a Ground Lease dated June 1, 2015, as amended September 1, 2015 the (“Original Ground Lease”), on the Redevelopment ...

Click here for full text