Sponsor
Alderman Friedel
Title
Approve Rental Housing Projects of the Elderly Housing Authority of the City of Racine, Wisconsin, and the Issuance of Revenue Bonds by Said Authority for the Financing Thereof
Whereas, Wisconsin Housing Preservation Corp., a Wisconsin nonstock corporation (the “Borrower”), has requested the Elderly Housing Authority of the City of Racine, Wisconsin (the “Authority”) to issue revenue bonds to provide long term financing for a 79-unit rental housing facility for elderly persons located at 4720 Byrd Avenue and a 64-unit rental housing facility for elderly persons located at 1840 State Street (collectively, the “Projects”) in the City of Racine, Wisconsin (the “City”), which are owned by WHPC-Oakview Manor, LLC and WHPC-Lincoln School, LLC, respectively, each of which is a Wisconsin limited liability company in which the Borrower is the sole member; and
Whereas, on September 10, 2007, a public hearing was held before a designee of the Authority with respect to the issuance of the Revenue Bonds (as hereinafter defined) by the Authority for the purpose of providing financing for the Projects; and
Whereas, notice of such public hearing, in the form attached as Exhibit A hereto and incorporated herein (the "Notice"), was published by at least one insertion in the official newspaper of the City for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes, which is a newspaper of general circulation in the City, no less than 14 days prior to the date of such public hearing; and
Whereas, such public hearing was conducted in a manner that provided a reasonable opportunity to be heard for persons with differing views on both issuance of the revenue bonds referred to in the Notice (the "Revenue Bonds") and the location and the nature of the Projects, which are to be financed and/or refinanced by the Revenue Bonds; and
Whereas, the representative of the Authority conducted such hearing has made a report of such public hearing to this body, which report this body has considered; and
Whereas, this body is an elected legislative body of the City; and
Whereas, Wisconsin Statutes sections 66.1213 and 66.1202 to 66.1211 as amended (the "Act"), provide that this body shall approve any housing project to be undertaken by the Authority; and
Whereas, the Revenue Bonds shall be revenue obligations of the Authority payable solely from revenues provided by the Borrower and derived from the Projects and shall not constitute an indebtedness of the City within the meaning of any State constitutional provision or statutory limitation and shall not constitute or give rise to a pecuniary liability, direct or contingent, of any kind or degree whatsoever, of the City or a charge against its general credit or taxing powers.
Now, therefore, be it resolved:
1. Approval of Projects and Issuance of Bonds.
For the purposes of Section 147(f) of the Code and the Act, this body hereby approves the Projects and the financing of the Projects through the issuance of up to $5,000,000 in principal amount of the Revenue Bonds by the Authority.
2. General Authorizations.
The Mayor and the Clerk and the appropriate deputies and officials of the City in accordance with their assigned responsibilities are hereby each authorized and directed to execute such documents and certifications, and to take such other actions as shall be necessary or desirable to accomplish the purposes of this resolution and the issuance of the Revenue Bonds by the Authority.
Fiscal Note: N/A. The Bonds are not a financial liability of the City or the Authority.