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Redevelopment Authority debates policy to buy property for redevelopment; members weigh guardrails, financing and scope
Summary
Authority members discussed a proposed policy to allow the Redevelopment Authority to purchase properties for redevelopment to boost net new construction; members broadly supported exploring the idea but pushed for guardrails on price, environmental due diligence and expected return on investment.
At a 6:00 p.m. meeting, the Waukesha Redevelopment Authority discussed guidelines for creating a policy that would allow the authority to purchase property for development and redevelopment.
Staff framed the proposal as a response to city goals to increase net new construction and diversify the tax base. The presenter said the city aims to meet or exceed roughly 1% net new construction per year to preserve levy capacity, noting the city added about $129,000,000 in assessed value in 2024 (the presenter characterized that as roughly a 1.36% increase) and that continuing growth is important under state levy limits.
Staff used two case studies to illustrate the possible impact of proactive purchases. The first example — a…
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