City of Milwaukee - File #: 121460

• File #: 121460
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 2/5/2013
• In control: COMMON COUNCIL
• Final action: 2/27/2013
• Title: Resolution authorizing the transfer of funds from the Capital Account-Housing Infrastructure Preservation Fund to a subaccount to fund repairs to City-owned properties to preserve the structures, improve marketability and stabilize neighborhoods.
• Sponsors: ALD. BAUMAN
• Indexes: CAPITAL IMPROVEMENTS, CITY PROPERTY, HISTORIC STRUCTURE, HOUSING, NEIGHBORHOODS

Date	Ver.	Action By	Action	Result	Tally
3/4/2013	0	MAYOR	SIGNED
2/27/2013	0	COMMON COUNCIL	ADOPTED	Pass	14:0
2/20/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Yves LaPierre, Department of City Development Real Estate	Pass	4:0
2/14/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/14/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/14/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/5/2013	0	COMMON COUNCIL	ASSIGNED TO

Number
121460
Version
ORIGINAL
Reference
090459
Sponsor
ALD. BAUMAN
Title
Resolution authorizing the transfer of funds from the Capital Account-Housing Infrastructure Preservation Fund to a subaccount to fund repairs to City-owned properties to preserve the structures, improve marketability and stabilize neighborhoods.
Analysis
This resolution transfers $600,000 in funds from the Capital Account-Housing Infrastructure Preservation Fund No. UR048130002 to a subaccount. The subaccount will fund major repairs to City-owned properties to preserve the structures and improve marketability and project feasibility.
Body
Whereas, By passage of File No. 090459, the Common Council of the City of Milwaukee approved an ordinance that established the Housing Infrastructure Preservation Fund (“Preservation Fund”) to provide a permanent and dedicated funding source to assist in the restoration of City-owned properties prior to sale; and

Whereas, The Department of City Development (“DCD”) Real Estate staff will use the Preservation Fund to pay for repairs to structures that have unique property characteristics and/or have important neighborhood impacts to prevent building demolition and to assist in the financial feasibility of a rehabilitation that will be completed by a future buyer; and

Whereas, To use the Preservation Fund, the City Comptroller must transfer the Capital Account-Housing Infrastructure Preservation Fund to a subaccount so that DCD may access the funds for these restoration activities; and

Whereas, Prior to expenditure from the Preservation Fund subaccount, DCD will present the local Common Council member with a Neighborhood Property Report to classify a particular property as a Restoration Property as required by Section 304-49-2, Milwaukee Code of Ordinances; and

Whereas, Upon approval of the Restoration Property classification, DCD staff will obtain scopes of work and contractor bids for recommended repairs; now, therefore, be it

Resolved, By ...