Fiscal Note
The bond issue in an amount not to exceed $17,000,000 authorized by this resolution will be used to fund construction of a 43 unit apartment project owned by Presbyterian Student Center Foundation, Inc. Although issued in the name of the CDA, these bonds are payable solely from housing project revenues. They do not constitute an indebtedness of the City or the CDA. The CDA will receive an issuance fee of approximately $56,350 in conjunction with this transaction. This resolution has no other budgetary impact.
Title
Approving rental housing project of the Community Development Authority of the City of Madison, Wisconsin (Pres House Project) and the issuance of bonds for the financing thereof.
Body
WHEREAS, on April 3, 2006, a public hearing was held before officials of the Community Development Authority of the City of Madison, Wisconsin (the "Authority") with respect to a rental housing project (the "Project") to be located at 731 State Street, in the City of Madison; 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 Wisconsin State Journal, the official newspaper of the City of Madison (the "City") for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes and a newspaper of general circulation in the locality of the Project, no less than fifteen (15) 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 bonds referred to in the Notice (the "Bonds") and the location and the nature of the Project, which is to be financed by the Bonds; and
WHEREAS, the Authority 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, Sect...
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