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File #: 191294    Version:
Type: Resolution Status: Passed
File created: 11/26/2019 In control: COMMON COUNCIL
On agenda: Final action: 12/17/2019
Effective date:    
Title: Substitute resolution approving the sale of property to FIT Investment Group, LLC in partnership with CMS Contracting, LLC, or assignee.
Sponsors: ALD. STAMPER
Indexes: CITY PROPERTY, PROPERTY SALES
Attachments: 1. Land Disposition Report, 2. Fiscal Impact Statement, 3. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
1/2/20201 MAYOR SIGNED   Action details Meeting details Not available
12/17/20191 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
12/10/20191 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Appearing: Amy Turim, Dept. of City Development Michael Adetoro, FIT Investment Group LLC Tom Straub, CMS Contracting LLC
Pass5:0 Action details Meeting details Video Video
12/6/20191 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
12/4/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/4/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/26/20190 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
191294
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. STAMPER
Title
Substitute resolution approving the sale of property to FIT Investment Group, LLC in partnership with CMS Contracting, LLC, or assignee.
Analysis
This substitute resolution authorizes the sale of approximately 40 City-owned, tax-foreclosed properties in the 15th Aldermanic District.
Body
Whereas, The City of Milwaukee ("City") has an inventory of tax-deed properties that are suitable for rehabilitation as affordable housing using Low Income Housing Tax Credits ("LIHTC") that are allocated by the Wisconsin Housing and Economic Development Authority ("WHEDA"); and

Whereas, FIT Investment Group, LLC in partnership with CMS Contracting, LLC, or Assignee (“Developer”) desires to complement existing rehabilitation of scattered site, former tax-deed properties in the 15th Aldermanic District by submitting an application for LIHTC; and

Whereas, Developer has requested to purchase scattered site residential properties for renovation as affordable housing as outlined in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council File; and

Whereas, Developer has identified most of the properties required to create a competitive LIHTC application and will continue to identify properties that are acceptable both to the Developer and to the local alderperson, as well as the Department of City Development (“DCD”); and

Whereas, Section 304-49-8, Milwaukee Code of Ordinances, allows the City to negotiate property sales when the City receives fair compensation, whether monetary or non-monetary; and

Whereas, DCD has determined that the terms indicated in the LDR represent 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 DCD is directed to enter into a Purchase and Sale Agreement with Developer consisten...

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