Number
211740
Version
ORIGINAL
Reference
200961
Sponsor
ALD. COGGS
Title
Resolution approving the sale of property to Maures Development Group LLC, or assigns.
Analysis
This resolution authorizes the sale of 12 City-owned, tax-foreclosed properties, and six properties owned by the Redevelopment Authority of the City of Milwaukee, in the 6th Aldermanic District.
Body
Whereas, The City of Milwaukee ("City") has an inventory of tax-deed properties and the Redevelopment Authority of the City of Milwaukee (“RACM”) has properties, that are suitable for rehabilitation or new construction as affordable housing using Low Income Housing Tax Credits ("LIHTC") that are allocated by the Wisconsin Housing and Economic Development Authority ("WHEDA"); and
Whereas, Maures Development Group LLC or assignee (“Developer”) desires to complement nearby developments in the 6th Aldermanic District and has been awarded LIHTC to purchase and redevelop City and RACM owned properties; and
Whereas, Developer has requested to purchase both improved and vacant lot scattered site residential properties for renovation and new construction as affordable housing as outlined in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-8, Milwaukee Code of Ordinances, allows the City to negotiate property sales when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, Authorization of proposed sale for RACM-owned properties is contingent on approval by RACM at its Public Hearing to be held on March 17, 2022 as required by Wisconsin Statutes; and
Whereas, The Department of City Development (“DCD”) has determined that the terms indicated in the LDR represent fair compensation to the City and RACM in terms of the purchase price, investment in City neighborhoods and provision of affordable housing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that DCD is direc...
Click here for full text