Sponsor
Alderman Spangenberg
Title
DEVELOPMENT AGREEMENT FOR 141 MAIN STREET
Body
WHEREAS, the property at 141 Main Street has been identified as "in need of conservation and rehabilitation" in the project plan for Tax Incremental Districts No. 6 and No. 7; and
WHEREAS, the property is located in the Main Street commercial corridor, and is subject to existing design review regulations that provide controls on the redevelopment of the property, and is in the area subject to the Downtown Plan, as adopted by the Common Council; and
WHEREAS, pursuant to Wis. Stat. sec. 66.1333(c), the Redevelopment authority may assist private acquisition, improvement and development of blighted property for the purpose of eliminating its status as blighted property without designating a boundary or adopting a redevelopment plan under the conditions that exist with respect to the property at 141 Main Street.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council finds that a comprehensive redevelopment plan is not necessary to determine the need for the redevelopment of 141 Main Street (parcel identification no. 00021007), the uses of the property after redevelopment, or the relationship of the property to other property redevelopment by the Redevelopment Authority.
FURTHER RESOLVED, that the Redevelopment Authority be authorized to proceed with assistance for the redevelopment of 141 Main Street under the procedures of Wis. Stat. sec. 66.1333(c).
FURTHER RESOLVED, that the Director of City Development and the City Attorney are authorized and directed to negotiate a development agreement for financial assistance to the redevelopment project at 141 Main Street and to present the proposed agreement to the Common Council.
Fiscal Note
Fiscal Note: N/A