Number
190573
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. RAINEY
Title
Substitute resolution approving the Redevelopment Authority of the City of Milwaukee acquisition of the property at 3940 North 35th Street, in the 7th Aldermanic District.
Analysis
Adoption of this substitute resolution will authorize acquisition of privately owned property by the Redevelopment Authority of the City of Milwaukee.
Body
Whereas, By adoption of File No. 050190, the Common Council of the City of Milwaukee approved a Redevelopment Plan for the North 35th Street and West Capitol Drive “Century City” Redevelopment Project Area to help facilitate economic development at the former A.O. Smith/Tower Automotive facility in the 30th Street Industrial Corridor; and
Whereas, The Redevelopment Plan did not authorize any property acquisitions, but the Redevelopment Authority of the City of Milwaukee (“Authority”) desires to acquire an additional portion of the former A.O. Smith/Tower Automotive property in order to facilitate further development of the Century City Business Park; and
Whereas, The Authority has reached an agreement with the current owner, Tower Automotive Operations USA III, LLC, to acquire the property and proposes to finance the acquisition from the Authority’s Century City account and from Business Improvement District No. 37 (“BID”); and
Whereas, The Authority submits an Agreement for Purchase and Sale drafted by the City Attorney and executed by Tower Automotive Operations USA III, LLC to acquire the privately owned property; and
Whereas, The Authority submits an agreement established with BID No. 37 demonstrating how the two entities will work together and fund the acquisition of the parcel; and
Whereas, Wis. Stat. § 66.1333 (5)(b)4 allows the Authority to acquire property in a redevelopment project area without amending the Redevelopment Plan (or before any modification to a plan), contingent on approval of the acquisition by the Common Council, and Wis...
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