Number
140897
Version
ORIGINAL
Reference
Sponsor
ALDS. MURPHY, BOHL, BAUMAN, PEREZ, KOVAC AND HAMILTON
Title
Resolution establishing a Challenge Grant Fund to support activities under the Strong Neighborhoods Plan to be administered by the Department of City Development.
Analysis
This resolution creates a Challenge Grant Fund to provide resources to large scale projects that involve the acquisition and redevelopment of City owned tax foreclosed properties in a targeted manner.
Body
Whereas, The City of Milwaukee has experienced a significant increase in the number of properties it has acquired through the tax foreclosure process and currently owns over 1,000 tax foreclosed properties; and
Whereas, The in 2013, the City implemented the Strong Neighborhoods Plan to address the tax foreclosure issue in a comprehensive manner and to stabilize neighborhoods impacted by the increased number of tax foreclosed and vacant properties; and
Whereas, The City wishes to expand its efforts and strategies under the Strong Neighborhoods Plan and encourage projects that can return tax foreclosed properties to productive use on a large scale basis; and
Whereas, Because of the distressed condition of the properties the City acquires through the tax foreclosure process, additional resources and gap financing are necessary to make the responsible acquisition and rehabilitation of City owned properties economically feasible; and
Whereas, Larger scale initiatives implemented in a targeted manner will have a positive impact on neighborhoods that have experienced increasing numbers of vacant and foreclosed properties; and
Whereas, Consistent with the Strong Neighborhoods Plan, the City, by its Common Council recognizes the public benefits of returning City owned properties to the tax rolls; restoring tax foreclosed homes, stabilizing neighborhoods, reducing blight and providing homeownership and quality affordable rental opportunities for Milwaukee residents; now, the...
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