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File #: 211740    Version: 0
Type: Resolution Status: Passed
File created: 3/1/2022 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 4/19/2022
Effective date:    
Title: Resolution approving the sale of property to Maures Development Group LLC, or assigns.
Sponsors: ALD. COGGS
Indexes: FORECLOSURES, PROPERTY SALES, REDEVELOPMENT AUTHORITY
Attachments: 1. Land Disposition Report and Due Diligence Checklist, 2. Fiscal Impact Statement, 3. Hearing Notice List
Number
211740
Version
ORIGINAL
Reference
200961
Sponsor
ALD. COGGS
Title
Resolution approving the sale of property to Maures Development Group LLC, or assigns.
Analysis
This resolution authorizes the sale of 12 City-owned, tax-foreclosed properties, and six properties owned by the Redevelopment Authority of the City of Milwaukee, in the 6th Aldermanic District.
Body
Whereas, The City of Milwaukee ("City") has an inventory of tax-deed properties and the Redevelopment Authority of the City of Milwaukee (“RACM”) has properties, that are suitable for rehabilitation or new construction as affordable housing using Low Income Housing Tax Credits ("LIHTC") that are allocated by the Wisconsin Housing and Economic Development Authority ("WHEDA"); and

Whereas, Maures Development Group LLC or assignee (“Developer”) desires to complement nearby developments in the 6th Aldermanic District and has been awarded LIHTC to purchase and redevelop City and RACM owned properties; and

Whereas, Developer has requested to purchase both improved and vacant lot scattered site residential properties for renovation and new construction as affordable housing as outlined in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council File; 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, Authorization of proposed sale for RACM-owned properties is contingent on approval by RACM at its Public Hearing to be held on March 17, 2022 as required by Wisconsin Statutes; and

Whereas, The Department of City Development (“DCD”) has determined that the terms indicated in the LDR represent fair compensation to the City and RACM 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 direc...

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