The City of West Allis Common Council voted 9‑0 to authorize an allocation of up to $250,000 to the Community Development Authority (CDA) to assist with acquisition of the property at 1405 South 90 Second Street, parcel ID 4500502000, clearing the way for further negotiations with a Milwaukee developer known as F Street.

City staff described the proposal as an early step in a potential project that could include either townhomes or a roughly 100‑unit multifamily building. Staff estimated total construction costs around $40,000,000 and an estimated taxable assessed value of about $28,800,000 if the project proceeds.

The CDA negotiated a letter of intent with F Street under which F Street has an offer to purchase the property from the current owner, Cardinal Capital. According to staff, the CDA would take assignment of that purchase offer, acquire the site and then enter a land contract back to F Street while the developer completes due diligence. If the project does not materialize, the city would retain the site and seek other developers.

Staff said the negotiated purchase price between F Street and Cardinal Capital is $860,000. The requested $250,000 would be provided to the CDA to help meet that acquisition amount; staff said the $250,000 would come from the city’s operating reserve. The CDA is also considering a demolition loan of roughly $1,200,000 to $1,700,000; staff said the CDA recommended moving forward with demolition assistance and that demolition costs would be repaid when construction financing is obtained.

Under the financing terms described, the CDA would loan funds at an interest rate equal to 1 percentage point above the state trust fund rate; staff presented an example interest amount and said the developer would pay 50% of monthly interest payments while the remaining 50% would accrue during a 12‑month term and be repaid at construction financing.

Staff provided a timeline showing a land closing target prior to an April 15 debt date related to foreclosure proceedings on the parcel, a plan commission submittal expected in late April or May and demolition in late summer. Staff said discussion of a development agreement and possible tax‑increment financing would occur later in 2025.

Alderman Keene moved to approve the resolution; Alderman Noling seconded. The roll call recorded nine ayes, zero nays; the motion carried.

Staff presentation emphasized that the request is an early acquisition and protective step to advance negotiations with F Street while the developer pursues construction financing and plan approvals.