File #: R-2010-0214    Version: 1
Type: Resolution Status: Adopted
File created: 9/21/2010 In control: Administration and Finance Committee (INACTIVE)
On agenda: 9/21/2010 Final action: 9/21/2010
Title: Resolution approving a Contract Agreement by and between the Community Development Authority of the City of West Allis and the City of West Allis for an allocation of $1,247,758.00 of Federal H.O.M.E. funds to the Beloit Road Senior Housing Complex.
Sponsors: Administration and Finance Committee (INACTIVE)
Attachments: 1. R-2010-0214

Title

Resolution approving a Contract Agreement by and between the Community Development Authority of the City of West Allis and the City of West Allis for an allocation of $1,247,758.00 of Federal H.O.M.E. funds to the Beloit Road Senior Housing Complex.

 

Body

WHEREAS, the Community Development Authority (the "Authority") through a cooperation agreement with the City of West Allis administers federal H.O.M.E. funds provided to the City of West Allis through the Milwaukee County H.O.M.E. Consortium consisting of West Allis, Milwaukee County, and the City of Wauwatosa; and,

 

WHEREAS, both parties are desirous in providing affordable senior housing options within the City; and,

 

WHEREAS, the City owns the over sixty year old facility recognized as the Beloit Road Senior Housing Complex located at 7205-7333 W. Beloit Rd., 2521-2529 S. 72 St., 7216-7312 W. Dreyer Place and 7211-7341 W. Dreyer Place, City of West Allis, County of Milwaukee, State of Wisconsin (the "Property") containing 104-units of affordable elderly housing; and,

 

WHEREAS, the Authority and City have expressed that there is a need and mission of maintaining the affordable senior housing in the City, therefore directed staff to form a plan to revitalize the complex through the use of Section 42 Tax Credit financing (the "Project"); and, 

 

WHEREAS, the tenants qualify for occupancy based on meeting the 50% of County Median Income requirement with the rent calculated utilizing 30% of their respective income; and,

 

WHEREAS, the City intends to enter into a development agreement for the renovation and improvement of the Property in order to leverage additional public investment for preservation and enhancement of the property; and,

 

WHEREAS, the Project would not be undertaken unless the public funding provided by the Loan and Grant becomes available, as the Developer can maximally raise only a portion of the debt and equity funds required to complete the Project; and,

 

WHEREAS, the Project meets the federal guidelines for H.O.M.E. funds; and, 

 

WHEREAS, the Authority, under Resolution #800 hereby incorporated by reference, approved allocating H.O.M.E. funds to the Project; and,

 

WHEREAS, both parties agree to the terms and conditions within the Agreement, hereby attached. 

 

NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves a contract by and between the Community Development Authority of the City of West Allis and the City of West Allis for an allocation of $1,247,758.00 of federal H.O.M.E. funds to the Beloit Road Senior Housing Complex.

 

BE IT FURTHER RESOLVED that the City Attorney be and is hereby authorized to make such substantive changes, modifications, additions and deletions to and from the various provisions of the Agreement, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.

 

BE IT FURTHER RESOLVED that the Director of Development and the City Administrative Officer-Clerk/ Treasurer are hereby authorized and directed to execute and deliver the aforesaid amended Agreement on behalf of the City. 

 

 cc:                     Department of Development

                     Grants Accounting Specialist

 

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