Number
090915
Version
Substitute 1
Reference
061026
Sponsor
ALD. HINES
Title
Substitute resolution facilitating development of Franklin Square Apartments on West Center Street and North Teutonia Avenue by approving the blight designation and acquisition by the Redevelopment Authority of five City-owned vacant lots, authorizing conveyance of the lots and one Authority-owned property to Franklin Square Apartments, LLC, and authorizing an option-to-purchase for the adjacent parcels for non-residential development, in the 15th Aldermanic District.
Analysis
Adoption of this substitute resolution by at least two-thirds vote of the Common Council of the City of Milwaukee will approve the blight designation and acquisition of the properties by the Redevelopment Authority of the City of Milwaukee utilizing the procedures set forth in Section 66.1333, Wisconsin Statutes, and will authorize subsequent conveyance of these properties and other Authority-owned property to a third party for redevelopment according to the conditions in a Blight Designation Summary and Land Disposition Report.
Body
Whereas, By adoption of File No. 061026 on December 12, 2006, the Common Council of the City of Milwaukee (“Council”) authorized sale of land in the vicinity of West Center Street and North Teutonia Avenue to GFG Real Estate for a two-phase affordable housing development consisting of Teutonia Gardens Apartments and a second building at 2777 North Teutonia Avenue; and
Whereas, GFG Real Estate successfully completed the Teutonia Gardens Apartments, but has revised its plans for the second phase to include additional land on West Center Street and to construct 37 units of affordable housing in two buildings to be named Franklin Square; and
Whereas, GFG Real Estate has created Franklin Square Apartments, LLC to acquire the Redevelopment Authority’s (“Authority”) property at 2777 North Teutonia Avenue and also has requested that it acquire the City-owned vacant lots at 1408, 1...
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