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File #: 181036    Version: 0
Type: Resolution Status: Passed
File created: 10/16/2018 In control: COMMON COUNCIL
On agenda: Final action: 11/5/2018
Effective date:    
Title: Resolution authorizing the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC for the City-owned properties located at 1313 and 1329 West National Avenue, in the 12th Aldermanic District.
Sponsors: ALD. PEREZ
Indexes: FORECLOSURES, PROPERTY SALES
Attachments: 1. Site Control Report, 2. Hearing Notice List

Number

181036

Version

ORIGINAL

Reference

170201

Sponsor

ALD. PEREZ

Title

Resolution authorizing the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC for the City-owned properties located at 1313 and 1329 West National Avenue, in the 12th Aldermanic District.

Analysis

This resolution authorizes the Department of City Development to issue an Exclusive Right to Negotiate to Rule Enterprises, LLC allowing it a period of time to seek WHEDA financing.

Body

Whereas, The City of Milwaukee (“City”) acquired 1313 and 1329 West National Avenue (the “Properties”) on August 8, 2017 through property tax foreclosure; and

 

Whereas, The Department of City Development (“DCD”) advertised the Properties on its website and through MLS via Requests for Proposals; and

 

Whereas, DCD received two proposals and selected Rule Enterprises, LLC (“RULE”); and

 

Whereas, RULE wishes to acquire the Properties to construct an affordable housing development and its financing for acquisition and development of the Properties involves Wisconsin Housing and Economic Development Authority (“WHEDA”) Low Income Housing Tax Credits; and

 

Whereas, The Common Council’s approval of an Exclusive Right to Negotiate to RULE will allow RULE, or its DCD-approved assignee, time to finalize and submit its WHEDA application and to determine whether WHEDA will approve its application for a 2019 award of credits; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that a Site Control Report, a copy of which is attached to this Common Council File, is approved and DCD is authorized to issue to RULE, or its DCD-approved assignee, an Exclusive Right to Negotiate in substantial accordance with said Site Control Report.

Drafter

DCD:Matt.Haessly:mfh

10/16/18/A