City of Milwaukee - File #: R13389

• File #: R13389
• Version: 0
• Type: Housing Authority Resolution
• Status: Passed
• File created: 4/4/2023
• In control: HOUSING AUTHORITY
• On agenda: 4/12/2023
• Final action: 4/12/2023
• Title: Resolution approving a Sale, Lease and Reconveyance Agreement for the Housing Authority of the City of Milwaukee Mortgage Properties 2015 Series A&B Bonds
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
4/12/2023	0	HOUSING AUTHORITY	ADOPTED; Minutes note: Fernando Aniban, HACM’s Assistant Secretary, stated current resolution is a necessary component to Agreement in B.4.	Pass	4:0

Number
13389

Version
Original

Reference

Sponsor
The Chair

Title
Resolution approving a Sale, Lease and Reconveyance Agreement for the Housing Authority of the City of Milwaukee Mortgage Properties 2015 Series A&B Bonds

Analysis

Body

WHEREAS, the Housing Authority of the City of Milwaukee (“HACM”) was created for the purpose of providing quality housing for low-income families and individuals; and

WHEREAS, the Redevelopment Authority of the City of Milwaukee (“RACM”) was created for the purpose of carrying out blight elimination and urban renewal programs and projects; and

WHEREAS, the parties previously entered into an Intergovernmental Cooperation Agreement dated as of July 26, 2006, and an Amended and Restated Intergovernmental Corporation Agreement (Expanded HACM Activities) dated January 15, 2015, providing for the development of mixed-use properties and market-rate homes by HACM; and

WHEREAS, the parties now propose to enter into a Second Amended and Restated Intergovernmental Cooperation Agreement in order to restate and expand the description of RACM’s activities in order to accommodate the transfer of certain real property owned by HACM to RACM pursuant to a separate Sale, Lease and Reconveyance Agreement (the “Sale Agreement”); and

WHEREAS, on March 2, 2015 HACM issued its (i) Multifamily Housing Revenue Bonds, Series 2015A, is the aggregate principal amount of $13,635,000 (the “Series 2015A Bonds”) and (ii) Multifamily Housing Revenue Bonds, Series 2015B (Taxable), in the aggregate principal amount of $5,410,000 (the “Series 2015B Bonds” and together with the Series 2015A Bonds the “2015 Bonds”); and

WHEREAS, proceeds from the 2015 Bonds were applied, in part, to finance certain costs of renovation and improvements to HACM’s Berryland, Northlawn, Southlawn (Vet’s) Housing Developments (the “Developments”); and

WHEREAS, on October 30, 2017 the United States Department of Housing and Urban Development (“HUD”) issued Notice PIH 201...