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File #: R13058    Version:
Type: Housing Authority Resolution Status: In Commission
File created: 5/3/2019 In control: HOUSING AUTHORITY
On agenda: 5/8/2019 Final action:
Effective date:    
Title: Resolution: Approving the Operating Agreements of National Soldiers Home Residences (NSR) II, LLC and NSR III, LLC, between the Housing Authority of the City of Milwaukee and the Alexander Company, Inc. in connection with the development and rehabilitation of Buildings, 1, 2, 14, 18, 19 and 62 of the Clement J. Zablocki Medical Center.
Sponsors: THE CHAIR
Attachments: 1. National Soldiers layout graph.pdf, 2. R_13003-Operating Agreement National Soldiers Home Residences I LLC w- The Alexander Company - from Legistar.pdf, 3. R_13058-Soldiers Home Operating Agreement Resolution_4823-3829-6984 v 1.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
5/8/20190 HOUSING AUTHORITY HELD IN COMMISSION

Minutes note: Willie Hines, Jr., HACM Associate Director, explained that the Board had already passed the Memorandum of Understanding, but some partners in the Soldier’s Home rehabilitation are now interested in adding some verbiage. HACM is awaiting the documents from the partners. It was thought the documents might be ready today, but they are not. It is expected that they will be ready for the June Board Meeting.
Pass6:0 Action details Meeting details Not available
Number
R13058

Version
Substitute 1

Reference
R13003

Sponsor
The Chair

Title
Resolution: Approving the Operating Agreements of National Soldiers Home Residences (NSR) II, LLC and NSR III, LLC, between the Housing Authority of the City of Milwaukee and the Alexander Company, Inc. in connection with the development and rehabilitation of Buildings, 1, 2, 14, 18, 19 and 62 of the Clement J. Zablocki Medical Center.

Analysis
Held over in May 2019 awaiting language from partners.

Body
WHEREAS, Resolution No. 12984 authorized The Housing Authority of the City of Milwaukee (“HACM”) acting through Executive Director Antonio Pérez or his designee(s) to execute the Operating Agreement of National Soldiers Home Residences I, LLC (the “Master Operating Agreement”), and to negotiate the terms of certain documents effectuating the transactions contemplated by the Master Operating Agreement, relating to the development and management of a 101-unit affordable rental housing development for occupancy by veterans and their families who are homeless or at-risk of homelessness located at 5000 West National Avenue (the “Soldiers Home Project”); and

WHEREAS, pursuant to the authority granted by Resolution No. 12984, and as contemplated by the Master Operating Agreement, HACM desires to (1) execute the Amended and Restated Operating Agreement of National Soldiers Home Residences II, LLC (the “4% Credit LLC Operating Agreement”); (2) execute the Amended and Restated Operating Agreement of National Soldiers Home Residences I, LLC (the “9% Credit LLC Operating Agreement”); (3) originate with funds provided to HACM by third parties certain “Subordinate Cash Flow Loans” as referenced in the 4% Credit LLC Operating Agreement and the 9% Credit LLC Operating Agreement; and (4) to sell the State of Wisconsin historic tax credits (“State Credits”) allocated to HACM under the 4% Credit LLC Operating Agreement and the 9% Credit LLC Operating Agreement;

NOW, THEREFORE, be it

RESOL...

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