Title
Resolution amending the 2018 Capital Budget to authorize the acquisition of the property located at 6610 W. Greenfield Ave., including the authority to complete a Phase 1 Environmental Assessment on the property, for a total not to exceed $650,000
Body
WHEREAS, the Community Development Authority (CDA) with the cooperation of the City has undertaken to acquire and redevelop certain blighted property located in the area of TID Number Seven in the City of West Allis and County of Milwaukee, State of Wisconsin; and,
WHEREAS, the City may, among other things, loan or contribute funds for the purpose of carrying on redevelopment as provided in Wis. Stats. Sec. 66.1333(13); and,
WHEREAS, the estimated cost to purchase the former Allis Chalmers Employment Building located at 6610 W Greenfield Ave., per the attached draft offer to purchase, is $640,000, and the Phase 1 Environmental Assessment is expected to cost less than $10,000; and,
WHEREAS, the purchase of this property and the accompanying environmental assessment was not contemplated in the 2018 Budget, therefore requiring a capital budget adjustment to complete the purchase; and,
WHEREAS, City staff is in the process of determining the most appropriate funding source, the immediate approval is being requested with First Ring Industrial Redevelopment Enterprise (FIRE) funds, subject to the approval of the FIRE Board. However, the funding source may be requested to be changed to either Tax Incremental Financing District #7 (TID #7), or another appropriate funding source, if deemed allowable and appropriate; and,
WHEREAS, the Common Council of the City of West Allis approves the acquisition of this property subject to Community Development Authority and appropriate due diligence, including the securing of an allowable funding source.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis as follows:
1. That a capital budget amendment is hereby authorized for the purpose of acq...
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