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File #: R13129    Version: 0
Type: Housing Authority Resolution Status: Passed
File created: 1/30/2020 In control: HOUSING AUTHORITY
On agenda: 2/5/2020 Final action: 2/5/2020
Effective date:    
Title: Resolution approving and authorizing the acquisition of membership interests in Highland Park Community, LLC
Sponsors: THE CHAIR
Attachments: 1. Second Amendment-Operating Agreement-Highland Park Comm LLC-Pk2.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
2/5/20200 HOUSING AUTHORITY  

Minutes note: Fernando Aniban, HACM Chief Financial Officer, explained that Highland Park LLC is coming to the end of its tax credits, purchased by US Bancorp 15 years ago when Highland was placed in service. US Bancorp will sell its interest for $1.00 in addition to $5,000.00 in legal fees. Mr. Aniban stated that this will allow Highland Park to remain as an LLC and maintain the commitment of affordable housing.
   Not available Meeting details Not available
Number
R13129

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving and authorizing the acquisition of membership interests in Highland Park Community, LLC

Analysis

Body
WHEREAS, HACM is the manager of Highland Park Development, LLC, a Wisconsin limited liability company (“Highland Park Development”), which is the managing member of Highland Park Community, LLC, a Wisconsin limited liability company (“Highland Park”); and

WHEREAS, HACM desires to have Highland Park Development acquire 99.98%, and Travaux, Inc., a Wisconsin corporation (“Travaux”), acquire 0.01%, of the membership interests in Highland Park from USB LIHTC FUND 2010-1, LLC, a Delaware limited liability company (“Assignor”), pursuant to the terms of that certain Agreement For Transfer and Assignment of Investor Member Interests (the “Purchase Agreement”) dated as of January 1, 2020 by and among Assignor, Highland Park Development, Highland Park, Travaux and HACM.

NOW, THEREFORE, BE IT RESOLVED, by the Housing Authority of the City of Milwaukee that the execution and delivery of such Purchase Agreement is hereby approved and the proper officers of HACM are hereby authorized and directed to execute and deliver such Purchase Agreement in such form and substance as may be approved by the Secretary-Executive Director; and be it

FURTHER RESOLVED, that the proper officers of HACM or the Secretary-Executive Director is hereby authorized and directed to execute and deliver such Purchase Agreement on behalf of Highland Park and Highland Park Development, in such form and substance as may be approved by the Secretary-Executive Director; and be it.

FURTHER RESOLVED, that the proper officers of HACM or the Secretary-Executive Director be, and hereby is, authorized, empowered and directed, in the name of and on behalf of HACM, to take or cause to be taken any and all actions, to sign and deliver all necessary certificates, documents, agreements, and instruments as may be...

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