City of Racine - File #: 07-0617

• File #: 07-0617
• Version: A
• Name: Mr. Damian Warshall, Vice President Housing Investments JPMorgan Capital Corporation
• Type: Communication
• Status: Passed
• File created: 5/11/2007
• In control: Loan Board of Review
• Final action: 6/28/2007
• Title: Subject: Request from Mr. Damian Warshall, Vice President Housing Investments JPMorgan Capital Corporation for City Loan Board of Review to write off loan on Lincoln School Historic Apartments at 1130 Carlisle Avenue, Racine, WI 53404 Recommendation of the Loan Board on 6-28-07: That the Mayor and City Clerk be authorized and direct to execute an Assignment, Assumption and Novation Agreement with Lincoln School Historic Apartments and WHP-Lincoln School, LLC, and a Payment in Lieu of Taxes Agreement for the property. Fiscal Note: The recommended action revises the city’s mortgage on this property. It does not write it off. The revision provides for the city to receive a payment of $29,296.00 on this currently non-performing mortgage and for the mortgage to be restructured so that principal and interest are forgiven over a 14 year period (1/14th per year) if the apartments remain affordable for low and moderate income persons. The revision allows the property to be sold to a non-profi...
• Related files: Res.07-0320

Date	Ver.	Action By	Action	Result
7/3/2007	A	Common Council	Approved as Presented	Pass
6/28/2007	A	Loan Board of Review	Approved	Pass
5/17/2007	A	Loan Board of Review	Deferred	Pass

Title

Subject: Request from Mr. Damian Warshall, Vice President Housing Investments JPMorgan Capital Corporation for City Loan Board of Review to write off loan on Lincoln School Historic Apartments at 1130 Carlisle Avenue, Racine, WI 53404

Recommendation of the Loan Board on 6-28-07: That the Mayor and City Clerk be authorized and direct to execute an Assignment, Assumption and Novation Agreement with Lincoln School Historic Apartments and WHP-Lincoln School, LLC, and a Payment in Lieu of Taxes Agreement for the property.

Fiscal Note: The recommended action revises the city's mortgage on this property. It does not write it off. The revision provides for the city to receive a payment of $29,296.00 on this currently non-performing mortgage and for the mortgage to be restructured so that principal and interest are forgiven over a 14 year period (1/14^th per year) if the apartments remain affordable for low and moderate income persons. The revision allows the property to be sold to a non-profit organization that will improve the property and has agreed to make payments in lieu of property taxes.