Sponsor
Aldermen Friedel and Spangenberg
Title
Permission for Redevelopment Authority to Acquire 1511 Washington Avenue
Whereas, the owner of the property at 1511 Washington Avenue, which is within the Uptown commercial area, has offered to sell the property to the Authority for $109,000; and
Whereas, acquisition by the Authority will resolve financial encumbrances on the property and stop deterioration of the vacant building on the property; and
Whereas, acquisition of the property at this time will help implement the adopted Uptown Improvement Plan.
Resolved, that the Common Council of the City of Racine, pursuant to sec. 66.1333 (5) (b), Wis. Stats., authorizes and directs the Redevelopment Authority to acquire 1511 Washington Avenue (parcel ID 09289000).
Further resolved, that the Common Council finds that a comprehensive redevelopment plan is not necessary to determine the need for the acquisition, the uses of the property after acquisition, and the relationship of the acquisition to other property redevelopment by the Authority.
Further resolved, that the Finance Director is authorized and directed to advance to the Authority funding in the amount of $109,000, plus closing costs, for the acquisition from the 820 Commercial Corridor Fund and to establish the accounts necessary for the transfer of funds.
Fiscal Note: Funds are available in the account for this purpose.