Number
191166
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. RAINEY AND ALD. STAMPER
Title
Substitute resolution authorizing City sale of 43 residential parcels to Milwaukee Scattered Sites No. 2, LLC for a scattered site low income housing tax credit transaction, in the 7th and 15th Aldermanic Districts.
Analysis
This substitute resolution authorizes the City of Milwaukee to sell 43 residential parcels to Milwaukee Scattered Sites No. 2, LLC for a scattered site low income housing tax credit transaction.
Body
Whereas, The Wisconsin Housing and Economic Development Authority awarded low income housing tax credits to Milwaukee Scattered Sites No. 2, LLC (“Developer”) for a scattered sites project involving the renovation and rehabilitation of residential structures on the parcels identified in the Land Disposition Report (“LDR”) that was submitted to this file for operation as affordable housing units, and the Department of City Development (“DCD”) negotiated with the Developer the proposed Purchase and Sale Agreement (“PASA”) that was also submitted to this file; and
Whereas, The Common Council of the City of Milwaukee recognizes, as the Wisconsin Legislature has also recognized in in Wis. Stat. 66.1013, 66.1107 (1)(a), 66.1201 (2) and (4)(b), 66.1301 (2), 66.1331 (2), 66.1333, 66.1335, and 66.1337 (2), that there exists in cities in Wisconsin a severe shortage of safe and adequate housing, and that there is a need to promote and encourage safe, affordable housing; and
Whereas, The Common Council recognizes that the Developer’s acquisition of the parcels and rehabilitation of the homes will place the parcels on the tax rolls, remove their blighted status and blighting influence, and promote safe and affordable housing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it approves the LDR and PASA, and authorizes City officials to take such actions as may be necessary to effectuate the intent of this resolution and the transaction contemplated by the LDR and agreement, including City entry into the agreement, or one in substantial conformity thereto, and City sale and conveyance of the parcels to the Developer.
Drafter
DCD:Amy.Turim:at
11/13/19