Number
050276
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HINES AND ALD. BAUMAN
Title
Substitute resolution facilitating redevelopment in the vicinity of 20th and Walnut by approving the blight designation and acquisition of the properties at 2005-2101 West Walnut Street, approving a boundary and Project Plan creating Tax Incremental District No. 58 (20th and Walnut) and approving a Cooperation Agreement with the Redevelopment Authority of the City of Milwaukee to implement the Project Plan, in the 15th and 4th Aldermanic Districts. (Redevelopment Authority)
Analysis
Adoption of this substitute resolution will approve the surplus declaration and blight designation of privately owned properties for acquisition by the Redevelopment Authority, approve a Project Plan for a Tax Incremental District for the purposes of acquiring and redeveloping the properties consistent with the Fond du Lac and North Neighborhood Comprehensive Plan and authorize a Cooperation Agreement with the Redevelopment Authority to implement the Project Plan. The Project Plan provides for up to $2.2 million in funding for costs associated with the acquisition, site preparation and installation of public improvements for the new development.
Body
Whereas, Section 66.1333(5)(c)(1) of the Wisconsin Statutes enables the redevelopment authority of a first class city to acquire blighted property, in full or in part, without designating a boundary or adopting a redevelopment plan if proper notice is given to the property owner, a public hearing is conducted and the local legislative body approves the action; and
Whereas, The Redevelopment Authority of the City of Milwaukee ("Authority") proposes to use its blight designation and acquisition authority pursuant to Section 66.1333(5)(c), Wisconsin Statutes, to acquire the properties at 2005 and 2101 West Walnut Street (Tax Key Nos. 364-2117-110-0 and 364-2107-110-6, respectively); and
Whereas, After providing proper notice t...
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