Number
R13066
Version
Original
Reference
Sponsor
Chair
Title
Resolution approving Holton Terrace Development LLC, as sole and managing member of Holton Terrace LLC; approval and authorization of the RAD conversion of Holton Terrace; the execution of all loan documents related to the RAD conversion of Holton Terrace and the admission of the investor member and special investor member to Holton Terrace LLC
Analysis
Body
WHEREAS, Holton Terrace LLC, a Wisconsin limited liability company (“Holton Terrace LLC”) was organized for the purpose, among others, of acquiring, rehabilitating, developing, owning and operating a 120-unit low income residential apartment building located at 2825 North Holton Street, Milwaukee, Wisconsin, known as Holton Terrace (the “Project”);
WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority”) is the sole and managing member of the Holton Terrace Development LLC, a Wisconsin limited liability company (the “Company”) pursuant to that certain Operating Agreement for Holton Terrace LLC, effective June 26, 2018 (the “Operating Agreement”), adopted by resolution dated April 17, 2019;
WHEREAS, the Company is the sole and managing member of Holton Terrace LLC pursuant to that certain Operating Agreement for Holton Terrace LLC, effective June 26, 2018 (the “Operating Agreement”), adopted by resolution dated April 17, 2019;
WHEREAS, pursuant to a Special Warranty Deed from the Authority, as grantor, and Holton Terrace LLC, as grantee (the “Deed”), Holton Terrace LLC shall acquire a fee interest in the Project, as well as certain real property and other buildings and improvements situated thereon, as more particularly described on Exhibit A attached hereto (the “Property”);
WHEREAS, the Rental Assistance Demonstration program (“RAD”) permits public housing authorities to redevelop public housing and is a key component of the
U.S. Department of Housing and Urban Development (“HUD”)'s plan for preserving afford...
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