Number
210474
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution terminating development agreement among the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and 1707 Walnut, LLC for the Walnut Crossing Project, authorizing the transfer of property and creating restrictive covenants that will govern the future use of property.
Analysis
This resolution approves the termination of the Development Agreement, the transfer of property and the creation of restrictive covenants related to the Walnut Crossing Project located at 20th and Walnut Street.
Body
Whereas, On May 8, 2007, the Common Council of the City of Milwaukee (“Common Council”) approved a Development Agreement (“Agreement”) between the City of Milwaukee (“City”), the Redevelopment Authority of the City of Milwaukee (“RACM”) and 1707 Walnut, LLC for the Walnut Crossing Project and authorized expenditures from Tax Incremental District No. 28 (“TID 28”) to fund public improvements to support the development of six single family lots located on the north side of West Walnut Street between North 20th Street and North 21st Street (“Property”); and
Whereas, One lot was sold and a home was constructed prior to the 2008 economic downturn which adversely impacted new home construction; and
Whereas, TID 28 recovered its costs and was dissolved by the Common Council on November 1, 2016; and
Whereas, The owner of the home that was constructed at the Property wishes to purchase an adjacent lot and improve it as green space; and
Whereas, RACM wishes to terminate the Agreement, authorize the transfer of a lot included in the Property to an existing homeowner and create restrictive covenants that will limit the future use of the Property for the construction of owner occupied single family homes for residential use; and
Whereas, These actions will result in development and uses for the Property which are essentially consistent with the original intent of the Agreement;...
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