NUMB:
000480
VERS:
ORIGINAL
REF:
XXBY:
ALD. D'AMATO
TITL:
Resolution directing the Department of City Development to prepare and implement a marketing plan for the sale and redevelopment of two parking lots in the 3rd Aldermanic District. (DCD)
ANLS:
- Analysis -
This resolution will permit the Department of City Development to solicit proposals for the sale and redevelopment of real estate at various locations.
BODY:
Whereas, The City of Milwaukee ("City") owns surface parking lots in the 3rd Aldermanic District that may represent latent economic development opportunity; and
Whereas, The Department of City Development ("DCD") has reviewed the inventory of parking lots to assess the extent to which each serves area businesses and residents and has reviewed the gross income derived from meters and leases; and
Whereas, The DCD has concluded that the City may realize greater financial benefit in the short term from the sale of such lots and in the long term from taxable investments which can be made thereon; and
Whereas, The DCD recommends, with concurrence from the Eastside Business Improvement District and the East North Avenue Association, that the following two lots be offered for sale for redevelopment that is compatible with the neighborhood in terms of land use and urban design:
1910 East North Avenue (Part, rear frontage at Cramer and Thomas Streets) Residential use preferred - 11,176 square feet Estimated Fair Market Value - $55,900
2353 North Farwell Avenue Small scale mixed-use preferred - 14,015 square feet Estimated Fair Market Value - $98,100
; and
Whereas, The DCD has formulated a marketing plan that generally includes the following elements:
1. Create a listing (property information sheet) for each parcel that illustrates physical and locational attributes.
2. Indicate the City's preferred use(s) for each parcel, in addition to those which are allowable by zoning.
3. Specify urban design requi...
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