NUMB:
970592
VERS:
SUBSTITUTE 2
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution approving a Cooperation Agreement for the Land Resource Development Program by and between the City of Milwaukee and the Milwaukee Economic Development Corporation.
ANLS:
- Analysis -
This substitute resolution authorizes execution of a Cooperation Agreement that will implement one of the recommendations of the adopted 1997 City Budget, the transfer of the City's Land Bank Program to the Milwaukee Economic Development Corporation. Included in this transfer are 15 properties, totaling 75.4 acres, as well as the available balance in the Land Bank Revolving Fund, currently about $4.8 million. In exchange, MEDC will assume responsibility for development of these and other land resources for industrial and commercial projects. MEDC will report to the City annually on the Land Resources Development Program. This activity will also be subject to the normal annual audit.
BODY:
Whereas, The City of Milwaukee ("City") has operated a Land Bank Program for economic development purposes since 1962, following adoption of enabling legislation, Section 66.52, Wisconsin Statutes; and
Whereas, The City formed the Milwaukee Economic Development Corporation ("MEDC") in 1977 for the purpose of fostering local economic development and employment opportunities; and
Whereas, The adopted 1997 City Budget includes a recommendation that the land development enterprise function embodied in the City's Land Bank Program be transferred to MEDC; and
Whereas, Ten properties currently in the Land Bank inventory and five other City-owned properties (three at Park Place and two tax deed properties) consisting of a total of 75.4 acres, which are identified in Exhibit A to the Cooperation Agreement, a copy of which is attached to this Common Council File, are suitable for development and should be transferred to MEDC under this initiative; and
Whereas, Ten other properties in the L...
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