NUMB:
990044
VERS:
SUBSTITUTE 1
REF:
XXBY:
ALD. BREIER
TITL:
Substitute resolution approving the Land Disposition Report for the property at 2121 South Kinnickinnic Avenue for sale to Gammon Road LLC for retail development in the 14th Aldermanic District (Redevelopment Authority).
ANLS:
- Analysis -
This substitute resolution will permit the Redevelopment Authority to convey said land according to the conditions in the Land Disposition Report and also authorizes the allocation and expenditure of $250,000 from the Development Fund for environmental remediation.
BODY:
Whereas, On April 15, 1999, the Redevelopment Authority of the City of Milwaukee ("Authority") held a Public Hearing on the proposed sale of land at 2121 South Kinnickinnic Avenue, as required by Wisconsin Statutes; and
Whereas, Pursuant to Wisconsin Statutes and as a condition precedent to the sale, lease or transfer of land, the Authority submits herewith a Land Disposition Report describing the terms and conditions of the proposed sale; and
Whereas, The developer proposes to build a 20,000 square foot commercial building with an estimated taxable value in excess of $1.5 million, and the sale is contingent upon the City of Milwaukee delivering the land in satisfactory environmental condition; and
Whereas, The soil and groundwater have been adversely impacted by past uses and the clean-up cost is estimated to be $420,000; however, the net revenue to be derived from the sale of the property, estimated to be approximately $180,000, will be inadequate to cover the cost of environmental remediation; and
Whereas, The Development Opportunities Fund was established to provide capital budget funding to stimulate privately sponsored development activity under certain circumstances and for projects such as this; and
Whereas, Funds are available in the Development Opportunities Fund Project No. UR03680000; and
Whereas, The Common Council of the City of Milwaukee des...
Click here for full text