Number
241383
Version
SUBSTITUTE 1
Reference
170188, 181331, 181332, 241324
Sponsor
ALD. BAUMAN AND JACKSON
Title
Substitute resolution relating to authorizing up to $300,000 of 2025 Contingent Borrowing to fund the Housing Infrastructure Preservation Fund capital account.
Analysis
This resolution authorizes the use of 2025 Contingent Borrowing to fund the Housing Infrastructure Preservation capital account with $300,000.
Body
Whereas, The Housing Infrastructure Preservation Fund was created in 2010 to provide funds for restoring, rehabilitating or mothballing City-owned properties that have been deemed historic or too valuable to the character of the surrounding neighborhood to demolish, but which are unlikely to be restored by private purchasers; and
Whereas, Since 2011, the City has renovated 60 properties using the Housing infrastructure Preservation Fund; and
Whereas, Since 2011, 56 rehabilitated properties have been sold and returned to the City’s tax rolls, producing over $80,000 in annual property tax revenue; and
Whereas, The Concentrated Blight Elimination capital account was created in 2014; and
Whereas, Capital funding in the Concentrated Blight Elimination account is combined with operating funds in the Department of Neighborhood Services and the Department of Public Works budgets to raze and deconstruct structures; and
Whereas, Since 2017, residential (one- to 4-family) demolitions in Milwaukee have exceeded residential construction by 258 dwelling units; and
Whereas, Common Council File Number 170188, passed on November 7, 2017, requires the deconstruction of Milwaukee’s older and more historic primary dwelling structures when removal is required; and
Whereas, Common Council File Number 181332, passed on January 14, 2019, set aside $1.2 million in the Concentrated Blight Elimination capital account for the deconstruction of structures in a manner consistent with s. 218.10 of the Milwaukee Code of Ordinances; and
Whereas, Common...
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