Number
241044
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. STAMPER
Title
Substitute resolution approving a Land Disposition Report and authorizing the sale of the City of Milwaukee owned property at 2824 North 16th Street to Foundations for Freedom, Inc., and City expenditure in the form of a forgivable loan to be used by the buyer toward rehabilitation costs, in the 15th Aldermanic District.
Analysis
This substitute resolution approves the Land Disposition Report and authorizes the sale of the City-owned Development Property to Foundations for Freedom, Inc., a non-profit purchaser and expenditure of $192,276 in the form of a forgivable loan to be used by the buyer toward rehab costs of a four-unit structure and single-family structure at 2824 North 16th Street, so that the Property may be used for emergency housing, in the 15th Aldermanic District.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) set aside $300,000 in funding in the 2020 City budget to be used for, among other things, emergency housing assistance, and
Whereas, Section 304-49-4 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development (“DCD”) negotiated with Foundations for Freedom, Inc. (“FFF”), a non-profit entity concerning FFF’s desire to buy from the City 2824 North 16th Street (the “Property”) in the 15th Aldermanic District for FFF to rehab the apartment units and then lease them to persons in need of emergency housing; and
Whereas, DCD prepared the Land Disposition Report (“LDR”) that is part of this Common Council file concerning the Property and sales terms and conditions, and the LDR provides for a $192,276 forgivable loan to FFF to rehab the Property for emergency housing assistance; and
Whereas, The emergency funding balance of $192,276 is intended to be spent prior to December 31, 2024; and
Whereas, DCD is requesting the Common Council to approve extending the timeline to expend the emergency funding balance of $192,276 at the Property until December 31, 2025, and
Whereas, Any remaining emergency fund balance after December 31, 2025, shall be returned to the City’s Capital Projects Fund; and
Whereas, The loan would be funded from the monies set aside for emergency housing assistance as specified in the fiscal note accompanying this Common Council file; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report attached to this file is approved, and the appropriate City officials are directed to enter into a Purchase and Sale Agreement and an Emergency Housing Loan Agreement with FFF, or assignee, in substantial conformity with the LDR and to make the loan funds available to FFF in substantial conformity with the LDR, and to undertake such acts as are required by the City thereunder or in furtherance thereof.
Drafter
DCD:Matt.Haessly:mfh
11/08/24