NUMB:
991535
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. HINES
TITL:
Substitute resolution declaring as surplus and approving the conveyance of vacant land to Crosswinds Communities, Inc., for residential construction in conjunction with the City of Milwaukee and the Wisconsin Housing and Economic Development Authority's housing development joint venture, in the 17th Aldermanic District.
ANLS:
- Analysis -
This substitute resolution declares as surplus and approves the conveyance of City-owned vacant lots to Crosswinds Communities, Inc., for residential construction.
BODY:
Whereas, The City of Milwaukee through the Neighborhood Improvement Development Corporation ("NIDC") has entered into an agreement with the Wisconsin Housing and Economic Development Authority ("WHEDA") to partner in the construction of new homes in the Lindsay Heights neighborhood; and
Whereas, The NIDC has identified City-owned lots, as listed on Exhibit A, a copy of which is attached to this Common Council File, suitable for this initiative; and
Whereas, The Department of City Development ("DCD") has reviewed the potential lots and has approved their reservation for this program at a sale price of $1.00 each; and
Whereas, WHEDA has selected Crosswinds Communities, Inc., as an eligible builder for the Lindsay Heights program; and
Whereas, Crosswinds Communities, Inc., is proposing a rent-to-own tax credit development of fifty scattered sites in the Lindsay Heights neighborhood; and
Whereas, The DCD recommends sale of these vacant lots contingent upon the following:
1. Approval of a WHEDA tax credit application in the Winter of 2000 or this offer is null and void.
2. Crosswinds Communities, Inc., must submit site and building plans for the DCD's review and approval prior to closing.
3. The lots may be purchased as one group, or taken down as required to meet the development schedule.
4. Crosswinds Communities, Inc., must submit a summary descriptio...
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