Title
Resolution authorizing a professional services contract with Cardinal Capital Management, Inc. to co-develop with the Community Development Authority of the City of West Allis for a Section 42 tax credit application and renovation of the Beloit Senior Housing Complex.
Body
WHEREAS since the 1940's, the City of West Allis (the "City") has owned and operated the Beloit Road Senior Housing Complex (the "Property"), located at 7205-7333 W. Beloit Rd., 2521-2529 S. 72 St., 7216-7312 W. Dreyer Place and 7211-7341 W. Dreyer Place 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 Property's mission of affordable senior housing qualifies for the Section 42 Tax Credit program administered by the Wisconsin Housing and Economic Development Authority; and,
WHEREAS the Section 42 Tax Credit Program, a competitive process to obtain tax credits to create affordable housing choices, would attract equity and investment to the Property that would enhance and preserve the units and structures for current and future residents while maintaining the affordability of each living unit; and,
WHEREAS the Section 42 Tax Credit Program requires the City to enter into a co-development partnership with an experienced tax credit developer in order to score successfully in the competitive process as well as to effectively administer an allocation of tax credits; and,
WHEREAS the City partnered with Cardinal Capital Management, Inc. ("Cardinal Capital") in 2010 to complete the application and co-develop with the City for the renovation of the Property, but was unsuccessful in being awarded Section 42 tax credits; and,
WHEREAS the Director of Development recommends, the Community Development Authority of the City of West Allis ("Authority"), through Resolution No. 831, and the Common Council, through Resolution No. R-2010-0091, authorized the submit...
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