Number
140898
Version
ORIGINAL
Reference
Sponsor
ALD. PEREZ and BAUMAN
Title
Resolution establishing a Foreclosed Commercial Property Renovation Fund.
Analysis
This resolution creates a Foreclosed Commercial Property Renovation Fund to assist buyers to defray costs associated with the rehabilitation of tax-foreclosed commercial properties purchased from the City of Milwaukee.
Body
Whereas, The City of Milwaukee has experienced a significant increase in the number of commercial properties it has acquired through the tax foreclosure process, and
Whereas, The City of Milwaukee currently owns more than 130 commercial properties, and
Whereas, The return of such buildings to service can have significant positive impacts such as job creation and the development of neighborhood-based businesses, and
Whereas, Because of the distressed condition of the properties the City acquires through the tax foreclosure process, gap financing is required to return the buildings to service, and
Whereas, The low value of properties the City acquires through the tax foreclosure process disqualifies them for conventional renovation financing, and
Whereas, It is in the interest of the City of Milwaukee and its neighborhoods to incentivize the sale and renovation of tax-foreclosed commercial properties for use by neighborhood-serving businesses, now, be it
Resolved, By the Common Council of the City of Milwaukee, that a Foreclosed Commercial Property Renovation Fund is created to be administered by the Department of City Development (“DCD”) in a manner substantially consistent with the guidelines attached to this resolution, and, be it
Further Resolved, That funding for the Foreclosed Commercial Property Renovation Fund will be made available through the adoption of the 2015 City Budget as approved by the Common Council, and, be it
Further Resolved, That the appropriate City officers are authorized to take such acts as are necessary to implement the provisions and ...
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