Number
240474
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority of the City of Milwaukee-owned property located at 200 E. Greenfield Avenue, in the 12th Aldermanic District.
Analysis
Body
Whereas, The Port of Milwaukee Redevelopment Plan was adopted in 2010; Amendment No. 1 was adopted in 2011, in part to eliminate blighting influences and environmental concerns within the Redevelopment Plan boundary; and
Whereas, Amendment No. 2 to the Port of Milwaukee Redevelopment Plan Project Area was adopted in 2014 to facilitate the Freshwater Plaza development;
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) acquired 200 E. Greenfield Avenue (the “Property”) in 2015 in accordance with the Port of Milwaukee Redevelopment Plan; and
Whereas, RACM listed the Property for sale pursuant to a Request for Proposals, received multiple submittals and selected Rule Enterprises LLC (“RULE”) to redevelop the Property; and
Whereas, On December 15, 2022, RACM approved Resolution No. 10944 granting RULE an Exclusive Right to Negotiate allowing RULE to apply for Wisconsin Housing and Economic Development Authority (“WHEDA”) Low Income Housing Tax Credits (“LIHTC”);
Whereas, WHEDA awarded RULE LIHTC in 2023; and
Whereas, RULE formed a special purpose entity to hold title to the Property and undertake the redevelopment project, Kin At Freshwater LLC (the “Buyer”), with its managing members being RULE and Emem Group, LLC; and
Whereas, the Buyer is proposing to construct a mixed-use affordable housing development as summarized in the Land Disposition Report (“LDR”) and Due Diligence Checklist, copies of which are hereby made a part of this RACM file; now therefore, be it
Resolved, That the RACM Board hereby approves the LDR and Due Diligence Checklist; and provided, however, that the City of Milwaukee Common Council also approves the LDR, Due D...
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