Number
170641
Version
SUBSTITUTE 2
Reference
Sponsor
Ald. bauman
Sections
304-49-1-g cr
304-49-1-h cr
304-49-4-c rc
304-49-5-b-1 am
Title
A substitute ordinance relating to the disposition of city property.
Analysis
This ordinance requires that a city-owned neighborhood property be valued using the income capitalization method when conveyed to a buyer who does not intend to make the property the buyer’s primary residence.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 304-49-1-g and h of the code is created to read:
304-49. Disposal of City Real Estate.
1. DEFINITIONS.
g. “Value as investor-owned” means a property’s market value as calculated using an income capitalization method.
h. “Value as owner-occupied” means a property’s market value when factors other than a property’s capacity to generate income and profit are considered. Factors considered shall be benefits reasonably expected to accrue to the city from an increase in the percentage owner-occupied properties, and may include, but are not limited to:
h-1. Increased resident engagement in the wellbeing of the community.
h-2. Improved neighborhood stability.
h-3. Reduced crime.
h-4. Decreased neighborhood blight.
Part 2. Section 304-49-4-c of the code is repealed and created to read:
304-49. Disposal of City Real Estate.
4. CITY SALES OF NEIGHBORHOOD PROPERTY.
c. All conveyances shall be for adequate market consideration, as determined by the commissioner or commissioner's designee, which consideration may recognize and value monetary as well as non-monetary consideration, including, but not limited to, public policy considerations of property and neighborhood stabilization, health, safety and welfare concerns, future improvements to or development or remediation of the parcel, returning the parcel to the tax rolls, and promoting home ownership.
c-1. Each property unit shall be conveyed at its value as investor-owned.
c-2....
Click here for full text