Number
021220
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution relative to the transfer of funds from
the sale of the property at 923 East Kilbourn Avenue to the
Neighborhood Improvement Development Corporation for
affordable housing production.
Analysis
This resolution authorizes the transfer of $700,000 from the
proceeds from the sale of the City-owned property at
923 East Kilbourn Avenue to the Neighborhood Improvement
evelopment Corporation for the purpose of financing
the citywide development and rehabilitation of decent, safe
and affordable housing for low- and moderate-income
families.
Body
Whereas, Common Council File No. 020968, adopted November 26, 2002, declared the City-owned property at 923 East Kilbourn Avenue surplus to the City of Milwaukee needs and accepted a proposal from Kilbourn Tower, LLC for the purchase of the site; and
Whereas, Kilbourn Tower, LLC has agreed to provide to the City a monetary payment of $700,000 for the purchase of the site and will construct a 32-story condominium development which will have 68 residential units that will be valued at between $350,000 and $2.85 million; and
Whereas, Although Kilbourn Tower and other developments in the downtown area are welcomed catalysts for economic revitalization, much of the recent construction does not provide housing opportunities for low- and moderate-income families; and
Whereas, The City recognizes that a limited affordable housing stock has forced many low- and moderate income families to pay high proportions of their incomes for housing; and
Whereas, The City recognizes that expanding the number of mixed-income units available would have a positive impact on the affordability of housing and help promote homeownership for low- and moderate-income families; and
Whereas, The proceeds generated from the sale of the
property at 923 East Kilbourn Avenue could help finance the
citywide development and rehabilitation of decent, safe and
affordable housing for low- and moderate-income families;
and
Whereas, The City formed the Neighborhood Improvement Development Corporation for the purpose of fostering housing and neighborhood development for the benefit of the City and its citizens; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee,
that the Common Council authorizes and directs the transfer
of $700,000 from the proceeds from the sale of the City-
owned property at 923 East Kilbourn Avenue to the
Neighborhood Improvement Development Corporation for the
purpose of financing the citywide development and
rehabilitation of decent, safe and affordable housing for
low- and moderate-income families; and, be it
Further Resolved, That the Neighborhood Improvement
Development Corporation is directed to recommend by
May 1, 2003, a project or projects to the Common
Council for approval of the expenditure of the transferred
funds; and, be it
Further Resolved, That the City Comptroller is authorized and directed to establish any and all subaccounts in accord with generally accepted accounting practices and City guidelines necessary to maintain fiscal control to carry out the intent and purpose of this resolution.
Drafter
LRB03019-2
RGP
1/10/03