Number
080939
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution to facilitate development of King Commons III by approving the blight designation and acquisition by the Redevelopment Authority of two City-owned vacant lots and authorizing conveyance of the lots and an adjacent Authority-owned property to the Martin Luther King Economic Development Corporation, in the 6th Aldermanic District.
Analysis
Adoption of this resolution by at least two-thirds vote of the Common Council will approve the blight designation and acquisition of the properties by the Redevelopment Authority utilizing the procedures set forth in Section 66.1333, Wisconsin Statutes, and will authorize subsequent conveyance of these properties and other Authority-owned property to a third party for redevelopment according to the conditions in the Blight Designation Summary and Land Disposition Report.
Body
Whereas, In 2002, 2004 and 2006, the Common Council of the City of Milwaukee ("Common Council") gave its support to the King Commons initiative, a long-term housing and commercial revitalization effort in the area between West Center and Locust Streets and between North 1st and North 7th Streets by authorizing the Redevelopment Authority of the City of Milwaukee ("Authority") to acquire City lots through its blight designation authority and to sell property to the Martin Luther King Economic Development Corporation ("MLKEDC") for the effort; and
Whereas, MLKEDC has completed Phase I and II of the mixed-used efforts and is starting the homeownership component, but desires to develop Phase III, a mixed-use building in the 2700 block of North Dr. Martin Luther King Jr. Drive using affordable housing tax credits that it recently received from the Wisconsin Housing and Economic Development Authority; and
Whereas, Development of King Commons Phase III requires that MLKEDC assemble its land with two City-owned vacant lots and an Authority-owned property under common ownership...
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