NUMB:
972002
VERS:
SUBSTITUTE 2
REF:
XXBY:
ALD. D'AMATO
TITL:
Substitute resolution directing the Department of City Development to prepare and implement a marketing plan for the sale and redevelopment of five parking lots in the 3rd Aldermanic District, which plan shall require developers to replace parking for those area residents and businesses directly affected by any new development.
ANLS:
- Analysis -
This substitute resolution will permit the Department of City Development to solicit proposals for the sale and redevelopment of real estate at various locations.
BODY:
Whereas, The City of Milwaukee ("City") owns surface parking lots in the 3rd Aldermanic District that may represent latent economic development opportunity; and
Whereas, The Department of City Development ("DCD") has reviewed the inventory of parking lots to assess the extent to which each serves area businesses and residents, and has reviewed the gross income derived from meters and leases; and
Whereas, The DCD has concluded that the City may realize greater financial benefit in the short term from the sale of such lots and in the long term from taxable investments which can be made thereon; and
Whereas, The DCD recommends that the following five lots be offered for sale for redevelopment purposes provided that replacement parking is included in any such redevelopment and that redevelopment is compatible with the neighborhood in terms of land use and urban design:
1801 North Farwell Avenue: Farwell and Royall - mixed use preferred - 24,120 square feet - assessed $156,000 - replace 100 percent of the parking
1536 North Warren Avenue: Warren and Lyon - residential use preferred - 37,384 square feet - assessed $212,200 - replace 30-40 parking spaces
1912 North Farwell Avenue: Farwell and Kane - mixed use preferred - 17,160 square feet - assessed $147,600 - replace 100 percent of the parking
1816 East Lafayette Place: Prospect and Lafayette - residential use preferred - 11,770 square feet - assessed $72,000 - parking to be evaluated
2644 North Newhall Avenue: Park and Newhall - residential use preferred - 10,800 square feet - assessed $27,300 - no public parking affected; and
Whereas, The DCD has formulated a marketing plan that generally includes the following elements:
1. Create a listing (property information sheet) for each parcel that illustrates physical and locational attributes.
2. Indicate the City's preferred use(s) for each parcel, in addition to those which are allowable by zoning.
3. Specify urban design requirements unique to any parcel, for example, the minimum number of stories, appropriate scale, fenestration, type of exterior materials, etc.
4. Advertise in major print media outlets and do direct marketing to the real estate development and brokerage community.
5. Invite options to purchase with proposals to redevelop the parcels for a 45-day period.
6. Pay brokers a full commission of 10 percent of the purchase price on qualified transactions.
7. Make sale recommendations to the Common Council based upon the offer amount, proposed level of investment, and the developer's financial ability and experience; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Department of City Development is authorized and directed to implement the marketing plan as set forth above; and, be it
Further Resolved, That the Commissioner of DCD shall advertise the parcels for sale in amounts indicative of their fair market value, and the future revenue derived from sales shall be credited to the Parking Fund or such other account as may be designated by the Commissioner of Public Works and/or the City Comptroller.
ZDPT:
DFTR:
DCD/GS
05/05/98