NUMB:
970592
VERS:
SUBSTITUTE 2
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution approving a Cooperation Agreement for the Land Resource Development Program by and between the City of Milwaukee and the Milwaukee Economic Development Corporation.
ANLS:
- Analysis -
This substitute resolution authorizes execution of a Cooperation Agreement that will implement one of the recommendations of the adopted 1997 City Budget, the transfer of the City's Land Bank Program to the Milwaukee Economic Development Corporation. Included in this transfer are 15 properties, totaling 75.4 acres, as well as the available balance in the Land Bank Revolving Fund, currently about $4.8 million. In exchange, MEDC will assume responsibility for development of these and other land resources for industrial and commercial projects. MEDC will report to the City annually on the Land Resources Development Program. This activity will also be subject to the normal annual audit.
BODY:
Whereas, The City of Milwaukee ("City") has operated a Land Bank Program for economic development purposes since 1962, following adoption of enabling legislation, Section 66.52, Wisconsin Statutes; and
Whereas, The City formed the Milwaukee Economic Development Corporation ("MEDC") in 1977 for the purpose of fostering local economic development and employment opportunities; and
Whereas, The adopted 1997 City Budget includes a recommendation that the land development enterprise function embodied in the City's Land Bank Program be transferred to MEDC; and
Whereas, Ten properties currently in the Land Bank inventory and five other City-owned properties (three at Park Place and two tax deed properties) consisting of a total of 75.4 acres, which are identified in Exhibit A to the Cooperation Agreement, a copy of which is attached to this Common Council File, are suitable for development and should be transferred to MEDC under this initiative; and
Whereas, Ten other properties in the Land Bank inventory which are identified in the Schedule of Other Land Bank Real Estate, a copy of which is attached to this Common Council File, are not suitable for this initiative and should be transferred to the City or its Redevelopment Authority; and
Whereas, The Land Bank Revolving Fund Parent Account had an unencumbered balance as of pay period 13 of $4,793,400.27 which can be transferred to MEDC--net of 1997 unfunded project costs; and
Whereas, There exists certain contracts and development agreements between the City and private parties related to the sale and/or development of land which can be assigned to MEDC; and
Whereas, The City and MEDC desire to provide for the creation and operation by MEDC of a Land Resource Development Program ("Program") with the goal of providing increased stimulus for industrial and commercial development in the City; and
Whereas, In connection with the creation of the Program, the City desires to transfer to MEDC the real estate and monetary assets noted above and to assign to MEDC those current contracts and development agreements pertaining to the Land Bank Program; and
Whereas, The management and operation of the Program will contribute to the development of industry and commerce within the City and, therefore, will further MEDC's principal corporate objective of fostering economic development and employment for the benefit of the City and its residents; and
Whereas, The Cooperation Agreement for Land Resource Development Program which provides for the transfer of the City's land development enterprise to MEDC for management and operation by MEDC is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that proper City officials are authorized and directed to execute the Cooperation Agreement for Land Resource Development Program substantially in the form attached to this Common Council File, with such minor non-substantive changes as may be approved by the Office of the City Attorney and the City Comptroller; and, be it
Further Resolved, That the proper City officials are authorized and directed to execute deeds of conveyance and other documentation required to transfer the real estate assets described in Exhibit A to the Cooperation Agreement from the City to MEDC; and, be it
Further Resolved, That the City Comptroller is authorized and directed to transfer the available balance in the Land Bank Revolving Fund to MEDC; and, be it
Further Resolved, That the proper City officials are authorized and directed to execute deeds of conveyance and other documentation required to transfer the property as described in the Schedule of Other Land Bank Real Estate; and, be it
Further Resolved, That all City officials, departments, boards and commissions are authorized and directed to take all such actions and to provide such assistance as may be needed to carry out the intent and purpose of this resolution.
ZDPT:
DFTR:
DCD:JLG:jlg
09/11/97