Number
070224
Version
SUBSTITUTE 1
Reference
050276
Sponsor
ALD. HINES
Title
Substitute resolution approving the Land Disposition Report for the Walnut Circle housing initiative for development of market-rate, single-family homes for sale to owner-occupants in the vicinity of 20th and Walnut, in the 15th Aldermanic District.
Analysis
This substitute resolution will permit the Redevelopment Authority to convey said land according to the conditions in the Land Disposition Report.
Body
Whereas, The City of Milwaukee (“City”) in cooperation with the Redevelopment Authority of the City of Milwaukee (“RACM”) has undertaken blight elimination efforts in the vicinity of 20th and Walnut within the boundaries of Tax Incremental District No. 58 (“TID No. 58”) known as the Walnut Circle Subdivision; and
Whereas, The Project Plan and a Cooperation Agreement for TID No. 58 was approved by the Common Council of the City of Milwaukee on July 6, 2005 by File No. 050276; and
Whereas, RACM issued a Request for Proposals for the sale and development of the site and staff recommends acceptance of the proposals submitted by Cross Development Group, Inc. and Kuhs Quality Homes, Inc. (“Redevelopers”) and where appropriate, individual single-family home purchasers; and
Whereas, A public hearing on the proposed sale was conducted on May 17, 2007, as required by Wisconsin Statutes; and
Whereas, Pursuant to Wisconsin Statutes and as a condition precedent to the sale, lease or transfer of land, RACM submits herewith a Land Disposition Report describing the terms and conditions of the proposed sale; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report dated May 17, 2007, with respect to the proposed sale of the following properties is approved:
REDEVELOPMENT/TID PROJECT AREA
20th and Walnut
PARCEL ADDRESSES
2005 West Walnut Street
2101 West Walnut Street
REDEVELOPERS
Cross Development Group, Inc.
Kuhs Quality Homes, Inc.
; and, be it
Further Resolved, That the proper City officials are directed to execute an Emerging Business Enterprises Agreement with the Redevelopers and any other City easements or documents necessary to close the transaction; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 25 percent development fee to RACM, shall be deposited into the TID No. 58 project account.
Drafter
DCD/Redevelopment Authority
MP:mp
05/16/07