Number
130879
Version
ORIGINAL
Reference
091514
Sponsor
ALD. KOVAC
Title
Resolution reauthorizing the Option to Purchase with Mercy Housing Lakefront, Inc. to purchase and develop the City-owned parking lot at 2353 North Farwell Avenue with workforce housing, in the 3rd Aldermanic District.
Analysis
This resolution reauthorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, By adoption of File No. 091514 on January 19, 2011, the Common Council of the City of Milwaukee declared the City-owned parking lot at 2353 North Farwell Avenue surplus to municipal needs and authorized an Option to Purchase with Mercy Housing Lakefront, Inc. (“Mercy”) to develop affordable workforce housing in the vicinity of Columbia St. Mary’s Hospital on the City lot and the adjacent private property; and
Whereas, Mercy proposed to finance the project with affordable housing tax credits allocated by the Wisconsin Housing and Economic Development Authority (“WHEDA”), but it did not receive such tax credit allocation; and
Whereas, Mercy has requested that its Option to Purchse be reauthorized so that it may reapply to WHEDA for a revised project as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Development of workforce housing in the area will replace an underutilized City parking lot with a taxable investment that will complement recent neighborhood developments, including the new Columbia St. Mary’s Hospital and Prospect Medical Commons; and
Whereas, Mercy’s revised proposal includes an agreement with Columbia St. Mary’s Hospital and the Business Improvement District to replace the public parking with free parking during evening hours in the Prospect Medical Commons 300-space parking garage that is across the street from the City lot; and
Whereas, Section 304-49-7 of the Milwaukee Code...
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