Number
051599
Version
ORIGINAL
Reference
Sponsor
ALD. WITKOWIAK
Title
Resolution removing a deed restriction from the property at 114 East Pittsburgh Avenue to facilitate development of affordable housing, in the 12th Aldermanic District.
Analysis
This resolution removes a deed restriction imposed by the City of Milwaukee that prohibits division of the property for zoning and assessment purposes.
Body
Whereas, The 1818 LLC (“1818”) acquired the former Kramer International building at 114 East Pittsburgh Avenue and assembled it with adjacent land for mixed-use development, including a residential component that was to be financed in part through affordable housing tax credits; and
Whereas, In order to comply with the zoning ordinance of the City of Milwaukee (“City”), 1818 executed a Declaration of Deed Restriction dated November 23, 2004, to join the properties into a single parcel so as to prohibit separate conveyance of any portion of the assembled property without the written consent of the City; and
Whereas, The developer has applied for a Certified Survey Map (“CSM”) to obtain the City’s consent and to divide the property into that portion that will be used for affordable housing and into sections for commercial use; and
Whereas, Removal of the deed restriction prior to approval of the CSM is required in order for 1818 to obtain financing for the affordable housing component of the development; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of the Department of City Development or designee is authorized to execute the necessary legal document(s) to remove the restriction contained in the Declaration of Deed Restriction dated November 23, 2004, for the property at 114 East Pittsburgh Avenue so as to allow for conveyance and financing of a portion of the property for affordable housing.
Drafter
DCD:MP:mp
03/23/06/A