Number
040964
Version
ORIGINAL
Reference
021211
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer and expenditure of $200,000 from the Development Fund to facilitate new commercial development in the North 27th Street - West Fond du Lac Avenue Redevelopment Project Area in the 7th Aldermanic District. (Redevelopment Authority)
Analysis
This resolution will permit the Redevelopment Authority to spend $200,000 toward the removal and proper disposal of former building foundations and debris that are impeding redevelopment of the new commercial retail center being proposed by CFSC Properties, LLC.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee ("Authority") acquired several vacant lots at the southeast corner of West Fond du Lac Avenue, North 27th Street and West Center Street from the City of Milwaukee ("City") in 1981 as part of the North 27th Street - West Fond du Lac Avenue Redevelopment Project Area; and
Whereas, The vacant lots acquired from the City were primarily tax-deed properties where the improvements had been razed prior to acquisition by the City and contain old foundations and debris and that are intermingled with low-level environmental contaminants; and
Whereas, By adoption of File No. 021211 on January 22, 2003, the Common Council approved the sale of the Authority's properties to CFSC Properties, LLC ("CFSC") for assemblage with its adjacent properties for commercial development; and
Whereas, A geotechnical investigation conducted by CFSC and environmental testing conducted by the Authority revealed poor subsoil conditions due to the old foundations and debris combined with low-level environmental contaminants; and
Whereas, The poor subsoil conditions have dramatically increased CFSC's construction costs and have rendered the project economically infeasible; and
Whereas, Providing $200,000 from the Development Fund from the 2004 Capital Budget to reimburse CFSC for extraordinary site excavation expenses will enable the project to proceed as contemplated by File No. 021211; and
Whereas, This development will add approximately $2.0 million in investment and 20 to 25 additional full-time jobs at a key intersection and will contribute significantly to implementation of the Fond du Lac and North Comprehensive Plan; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized and directed to transfer $200,000 from the Development Fund to Project Account No. UR03396300 or other account established by the Authority for the purpose of this resolution; and, be it
Further Resolved, That the Authority shall include language in its Agreement for Sale with CFSC to outline the terms and conditions for CFSC to be reimbursed for extraordinary site preparation expenses so as to ensure proper expenditure and documentation of these funds; and, be it
Further Resolved, That the City Comptroller, in conjunction with the Commissioner of the Department of City Development and the Executive Director of the Authority, is authorized to establish any and all subaccounts and follow the City guidelines necessary to maintain the fiscal control to carry out the intent and purpose of this resolution; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to assist and cooperate with said project.
Drafter
DCD:EMM:bmm
11/03/04/A