Number
091514
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. KOVAC
Title
Substitute resolution declaring the City-owned parking lot at 2353 North Farwell Avenue surplus to municipal needs and authorizing an Option to Purchase with Mercy Housing Lakefront, Inc. to purchase and develop the property with workforce housing, in the 3rd Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, Mercy Housing Lakefront, Inc. desires to develop affordable workforce housing in the vicinity Columbia St. Mary’s Hospital and has submitted an unsolicited offer to purchase for the City-owned parking lot at 2353 North Farwell Avenue for assemblage and development with the adjacent property; and
Whereas, Mercy Housing Lakefront, Inc. will create a limited liability company to take title to the properties and to develop the project as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Development of workforce housing in the area will replace an underutilized City parking lot with a taxable investment that will complement recent neighborhood developments, including the new Columbia St. Mary’s Hospital and Prospect Medical Commons; and
Whereas, Mercy Housing Lakefront, Inc. also has proposed to replace a portion of public parking spaces and to work with Columbia St. Mary’s Hospital to facilitate an agreement with the Business Improvement District regarding available free parking during evening hours in the Prospect Medical Commons 300-space parking garage that is across the street from the City lot; and
Whereas, Section 304-49-7 of the Milwaukee Code of Ordinances allows the City to accept unsolicited offers to purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Departme...
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