Number
131749
Version
ORIGINAL
Reference
Sponsor
ALD. WADE
Title
Resolution authorizing the sale of City-owned scattered site houses in the Park West neighborhood to Maures Development Group, LLC, for rehabilitation for affordable housing, in the 7th and 15th Aldermanic Districts.
Analysis
This resolution authorizes the sale of Neighborhood Properties pursuant to Section 304-49-7, Milwaukee Code of Ordinances, according to the conditions in a Land Disposition Report.
Body
Whereas, The City of Milwaukee ("City") has an inventory of tax-deed single-family and duplex houses that are suitable for rehabilitation as affordable housing using federal Low Income Housing Tax Credits ("LIHTC") that are allocated annually by the Wisconsin Housing and Economic Development Authority ("WHEDA"); and
Whereas, The Department of City Development ("DCD") has identified houses throughout the City that are suitable for rehabilitation using LIHTC due to their proximity to other housing revitalization efforts; and
Whereas, Maures Development Group, LLC in partnership with Brinshore Development, Inc. ("Maures/Brinshore") have submitted an application to WHEDA for a 2014 LIHTC allocation and wishes to strengthen the application by using City scattered site tax-deed houses for rehabilitation for the submittal; and
Whereas, Maures/Brinshore submitted an unsolicited Offer to Purchase a mix of single-family and duplex houses for up to 35 units of scattered site housing for renovation as affordable housing as outlined in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-7, Milwaukee Code of Ordinances, allows the City to accept unsolicited Offers to Purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, DCD has reviewed the offer and has determined that the proposal represents fair compensation to the City in terms of the purchase price, investment in City neighborhoods and provision of affordable housing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of DCD, or designee, is authorized to accept the unsolicited Offer to Purchase submitted by Maures/Brinshore for scattered site Neighborhood Properties for rehabilitation for affordable housing; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to release any deed restrictions that inhibit development, execute required legal documents on behalf of the City and to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That in the event the City acquires additional tax-deed Neighborhood Properties that are better suited for the project or if properties identified in the Land Disposition Report are not suitable for rehabilitation, the Commissioner of DCD may substitute other tax-deed Neighborhood Properties upon the approval of the local members of the Common Council; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 30 percent reimbursement fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Tax Deed Fund Account No. 0001-334106.
Drafter
DCD/Real Estate
KT:kt
04/02/14/A