Number
R13155
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the ground leasing of Becher Court and ownership of improvements by Becher Court LLC and adoption of the Becher Court LLC Operating Agreement
Analysis
Body
WHEREAS, the Housing Authority of the City of Milwaukee (the “Authority”) is currently the owner of a 120-unit public housing development located at 1802 W. Becher Street, Milwaukee, Wisconsin, known as Becher Court (“Becher Court” or the “Project”); and
WHEREAS, pursuant to a resolution dated March 15, 2018 (the “March 2018 Resolution”), the Authority’s Board of Commissioners (the “Commissioners”) approved the conversion of all of the Authority’s public housing developments (each, a “Public Housing Development”), including Becher Court, from public housing operating assistance to RAD Section 8 project based voucher (“PBV”) assistance under Section 8(o)(13) of the United States Housing Act of 1937, as amended, under the U.S. Department of Housing and Urban Development (“HUD”)’s Rental Assistance Demonstration (RAD) program (the “RAD Conversion”); and
WHEREAS, pursuant to the March 2018 Resolution, a limited liability company that owns a Public Housing Development (an “LLC Owner”) that is subject to a RAD Conversion, shall be managed by a limited liability company, the sole member and managing member of which shall be the Authority (the “LLC Owner Managing Member”); and
WHEREAS, as approved by a duly adopted resolution of the Commissioners dated November 14, 2018 (the “November 2018 Resolution”), the Commissioners confirmed and authorized the creation of an LLC Owner for Becher Court and approved the submission of a Financing Plan Proposal to HUD for the Becher Court RAD Conversion; and
WHEREAS, Becher Court LLC, a Wisconsin limited liability company (the “Company”) was formed pursuant to Articles of Organization filed September 10, 2019 with the State of Wisconsin Department of Financial Institutions, a...
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