City of Milwaukee - File #: 221057

• File #: 221057
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 11/22/2022
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 1/17/2023
• Title: Resolution authorizing the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC for the Redevelopment Authority of the City of Milwaukee-owned property located at 200 East Greenfield Avenue, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ
• Indexes: CITY PROPERTY, DEPARTMENT OF CITY DEVELOPMENT, REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
1/24/2023	0	MAYOR	SIGNED
1/17/2023	0	COMMON COUNCIL	ADOPTED	Pass	12:0
1/10/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Yves LaPierre, Dept. of City Development Sam Leichtling, Dept. of City Development Pres. Jose Perez, 12th Ald. Dist. & Common Council A presentation was made by DCD staff.	Pass	5:0
11/22/2022	0	COMMON COUNCIL	ASSIGNED TO

Number
221057
Version
ORIGINAL
Reference

Sponsor
ALD. PEREZ
Title
Resolution authorizing the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC for the Redevelopment Authority of the City of Milwaukee-owned property located at 200 East Greenfield Avenue, in the 12th Aldermanic District.
Analysis
This resolution authorizes the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC allowing it a period of time to seek Wisconsin Housing and Economic Development Authority financing according to the conditions in a Site Control Report.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) acquired 200 East Greenfield Avenue in 2015 (the “Property”); and

Whereas, RACM issued a request for proposals for the Property and selected Rule Enterprises, LLC (“RULE”) to develop the site; and
Whereas, Authorization to issue an Exclusive Right to Negotiate is contingent on approval by RACM at its Public Hearing to be held on December 15, 2022 as required by Wisconsin Statutes; and

Whereas, RULE wishes to acquire the Property to construct an affordable housing development and its financing for acquisition and development of the Property involves Wisconsin Housing and Economic Development Authority (“WHEDA”) Low Income Housing Tax Credits; and

Whereas, The Common Council of the City of Milwaukee’s (“Common Council”) approval of an Exclusive Right to Negotiate to RULE will allow RULE, or its Department of City Development (“DCD”) approved assignee, time to finalize and submit its WHEDA application and to determine whether WHEDA will approve its application for a 2023 award of credits; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that a Site Control Report, a copy of which is attached to this Common Council File, is approved and DCD is authorized to issue to RULE, or its DCD-approved assignee, an Exclusive Right to Negotiate ...