Sponsor
Aldermen Friedel and Spangenberg
Title
Permission for Redevelopment Authority to Acquire 1014 Dr. Martin Luther King Jr. Drive
Whereas, the mortgage holder of the property at 1014 Dr. Martin Luther King Jr. Drive has discussed with city staff the sale of the property to the Redevelopment Authority; and
Whereas, purchase of the property at this time would be in the public interest and would facilitate the redevelopment of the property in a manner consistent with community goals.
Resolved, that the Common Council of the City of Racine, pursuant to sec. 66.1333 (5) (c) Wis. Stats., authorizes and directs the Redevelopment Authority to acquire 1014 Dr. Martin Luther King Jr. Drive (parcel ID 3109000).
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 $300,000 from the Intergovernmental Revenue Sharing Fund for the acquisition of the property, the demolition of the deteriorated structures, and related expenses and to establish the accounts necessary for the transfer of funds.
Fiscal Note: Funds are available in the Intergovernmental Revenue Sharing Fund, which will be reimbursed over time by the tax incremental district (TID-15) created for the project.