Title
Resolution to authorize the Beloit Road Senior Housing Complex renovation project.
Body
WHEREAS since the 1940's, the City of West Allis (the “City”) has owned and operated 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 (the “Property”), as listed in Exhibit A, and has offered units as an affordable housing option for senior members of the community by collecting rent payments at 30% of an individual's income; and,
WHEREAS, the Community Development Authority of the City of West Allis (the “Authority”), by the Department of Development, manages the Property; and,
WHEREAS the Property's mission of affordable senior housing qualified for the Section 42 Tax Credit program administered by the Wisconsin Housing and Economic Development Authority (“WHEDA”); and,
WHEREAS, through a competitive process, on April 21, 2011, WHEDA awarded Section 42 tax credits to the Property and the Authority for equity and investment towards the remodel of the Property, which would enhance and preserve the units and structures for current and future residents while maintaining the affordability of each living unit; and,
WHEREAS, the Authority will remain involved in the management and ownership structure of the Section 42 tax credit Beloit Road Senior Housing Complex project; and,
WHEREAS, the City intends to sell the Property to Beloit Road Senior Apartments, LLC (the "Project Owner"). Beloit Road Senior Apartments MM, LLC (the "Managing Member") is the managing member of the Project Owner. The Authority is the sole member of the Managing Member; and,
WHEREAS, the Project Owner is developing an affordable housing project (the "Project") on the Property; and,
WHEREAS, the Project Owner intends to admit an equity investor (the "Investor") in the Project Owner and the Investor will require the City to provide the Authority certain guaranties in con...
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