Number
170332
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS, STAMPER, RAINEY, BOHL, KOVAC AND HAMILTON
Title
Substitute resolution creating the Art and Resource Community Hub Loan Program and authorizing expenditure of funds to implement the program.
Analysis
This substitute resolution creates a pilot Art and Resource Community Hub Loan Program designed to support the renovation and re-use of tax-foreclosed properties as artistic studios, live/work space and/or community resource centers.
Body
Whereas, The City of Milwaukee (“City”) owns approximately 1,200 tax-foreclosed residential and commercial properties; and
Whereas, Many strategies are required to sell these properties to responsible owners who will contribute to the stability and vitality of their neighborhoods; and
Whereas, The presence of artists has proven to be a successful ingredient in the revitalization of distressed neighborhoods in many cities; and
Whereas, The creation of community resource centers improves the quality of life by putting neighbors in touch with needed services; and
Whereas, The 2016 City Budget (the “Budget”) allocated $100,000 through an amendment to create a pilot loan program to encourage artists or organizations that operate community resource centers to purchase City-owned foreclosed properties; and
Whereas, The amendment specified that loans made for this purpose would be a maximum of $25,000, that borrowers would need to match these loans with a fifty percent match and that the Common Council would approve creation of the program; and
Whereas, The Department of City Development (“DCD”), which manages the sale of tax-foreclosed property and several housing rehabilitation loan programs, is uniquely qualified to manage such a loan program; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the creation of the pilot loan program is approved; and, be it
Further Resolved, That DCD is authorized to implement the Art and Resource Community Hub Loan Program (“ARCH”) as a pilot program to support the sale and renovation of City-owned tax-foreclosed residential and commercial properties as space for artists and community resource centers; and, be it
Further Resolved, That DCD is authorized to expend $100,000 from the Art & Resource Buildings 1910-UR05816000A account to this pilot program in substantial compliance with the Program Description and Terms, a copy of which is attached to this Common Council File.
Drafter
DCD:Martha.Brown:mlb
06/06/17
Technical Correction -- James R. Owczarski -- June 19, 2017