Number
240439
Version
ORIGINAL
Reference
221057, 240381
Sponsor
ALD. PÉREZ
Title
Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority of the City of Milwaukee-owned property located at 200 East Greenfield Avenue, in the 12th Aldermanic District.
Analysis
This resolution authorizes the conveyance of the Redevelopment Authority of the City of Milwaukee-owned property to Kin At Freshwater, LLC for redevelopment according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The Port of Milwaukee Redevelopment Plan was adopted in 2010, and Amendment No. 1 was adopted in 2011, in part, to eliminate blighting influences and environmental concerns within the Redevelopment Plan boundary; and
Whereas, Amendment No. 2 to the Port of Milwaukee Redevelopment Plan Project Area was adopted in 2014 to facilitate the Freshwater Plaza development; and
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) acquired 200 East Greenfield Avenue (the “Property”) in 2015 in accordance with the Port of Milwaukee Redevelopment Plan; and
Whereas, RACM listed the Property for sale pursuant to a Request for Proposals, received multiple submittals and selected Rule Enterprises, LLC (“RULE”) to redevelop the Property; and
Whereas, On December 15, 2022, RACM approved Resolution No. 10944 and the Common Council of the City of Milwaukee approved Resolution No. 221057 granting RULE an Exclusive Right to Negotiate allowing RULE to apply for Wisconsin Housing and Economic Development Authority (“WHEDA”) Low Income Housing Tax Credits (“LIHTC”); and
Whereas, WHEDA awarded RULE LIHTC in 2023; and
Whereas, RULE formed a special purpose entity to hold title to the Property and undertake the redevelopment project, Kin At Freshwater, LLC (the “Buyer”), to be managed directly or indirectly by RULE and Emem Group, LLC; and
Whereas, The Buyer is proposi...
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