Number
061034
Version
ORIGINAL
Reference
021196, 031459
Sponsor
ALD. MCGEE
Title
Resolution approving the Land Disposition Report for the Redevelopment Authority-owned properties in the vicinity of North Dr. Martin Luther King, Jr. Drive and West Hadley Street for sale to Martin Luther King Economic Development Corporation for development of King Commons II, in the 6th Aldermanic District.
Analysis
This resolution will permit the Redevelopment Authority to convey said land according to the conditions in the Land Disposition Report.
Body
Whereas, By adoption of File No. 021196 on December 20, 2002, and File No. 031459 on March 2, 2004, the Common Council of the City of Milwaukee approved the sale of property to the Martin Luther King Economic Development Corporation for development of King Drive Commons, a phased, mixed-use initiative in the area bounded by 1st, Center, 7th and Locust Streets that was to be financed in part through affordable housing tax credits allocated by the Wisconsin Housing and Economic Development Authority (“WHEDA”); and
Whereas, Because of the high competition for WHEDA tax-credit allocations, Phase II of King Drive Commons did not receive its tax-credit allocation until 2006, which date was past the expiration of the original purchase authorization; and
Whereas, The Redeveloper is ready to commence construction on Phase II and has requested reauthorization of its option to purchase; and
Whereas, On November 16, 2006, the Redevelopment Authority of the City of Milwaukee held a Public Hearing on the proposed reauthorization of an Option to Purchase for sale of the property as required by Wisconsin Statutes; and
Whereas, Pursuant to Wisconsin Statutes and as a condition precedent to the sale, lease or transfer of land, the Redevelopment Authority submits herewith a Land Disposition Report describing the terms and conditions of the proposed sale; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, ...
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