City of Milwaukee - File #: 231177

• File #: 231177
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/21/2023
• In control: COMMON COUNCIL
• Final action: 12/12/2023
• Title: Substitute resolution authorizing the Department of City Development to issue a limited term letter of site control for the City-owned property located at 1747 South 12th Street, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ
• Indexes: CITY PROPERTY, DEPARTMENT OF CITY DEVELOPMENT

Date	Ver.	Action By	Action	Result	Tally
12/13/2023	1	MAYOR	SIGNED
12/12/2023	1	COMMON COUNCIL	ADOPTED	Pass	15:0
12/5/2023	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Matt Haessly, Dept. of City Development Amy Turim, Dept. of City Development Zuwena Cotton, Cinnaire Solutions Pres. Jose Perez, Common Council/12th Ald. Dist. Pres. Perez was in support.	Pass	5:0
11/29/2023	1	CITY CLERK	DRAFT SUBMITTED
11/21/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
231177
Version
SUBSTITUTE 1
Reference
220997, 190401, 211079, 230878
Sponsor
ALD. PÉREZ
Title
Substitute resolution authorizing the Department of City Development to issue a limited term letter of site control for the City-owned property located at 1747 South 12th Street, in the 12th Aldermanic District.
Analysis
This substitute resolution authorizes the Department of City Development to issue a limited term letter of site control to BBE Investments & Development, LLC in partnership with Cinnaire Solutions, allowing the partnership a period of time to seek Wisconsin Housing and Economic Development Authority 9 percent competitive tax credit financing.
Body
Whereas, File No. 220997 declared the City-owned parking lot at 1747 South 12th Street (the “Property”) surplus to municipal needs; and

Whereas, The Department of City Development (“DCD”) received an unsolicited offer from BBE Investments & Development, LLC in partnership with Cinnaire Solutions (the “Proposed Buyers”), to acquire the Property, contingent upon a 2024 Wisconsin Housing and Economic Development Authority (“WHEDA”) tax-credit award; and

Whereas, Proposed Buyers, or their assignee, wish to acquire the Property to construct a housing development that would rely on financing from competitive 9 percent WHEDA Low Income Housing Tax Credits (“LIHTC”); and

Whereas, BBE Investments & Development, LLC owns a privately-owned parking lot located nearby the Property at 1718 South 12th Street; and

Whereas, BBE Investments & Development, LLC has other investment property in the immediate area of the Property; and

Whereas, The City of Milwaukee and BBE Investments & Development, LLC have both experienced negative activities in their respectively owned parking lots and are seeking this development as a way to abate said activity; and

Whereas, The City of Milwaukee seeks to expand affordable housing opportunities in neighborhoods identified as being potentially subject to displacement; and
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