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Waukesha redevelopment board to draft policy allowing property purchases to spur development
Summary
City staff presented a proposal for the Redevelopment Authority to be able to purchase property to guide redevelopment and boost net new construction; members supported drafting a policy but debated guardrails, purchase thresholds (a $2 million cap was discussed), environmental due diligence and funding approaches including TIF and revolving funds.
At its regular meeting, the Waukesha City Redevelopment Authority heard a presentation from staff proposing a policy that would allow the authority to proactively purchase property for redevelopment to increase assessed value and support net new construction.
A presenter said the city needs to maintain net new construction to grow levy capacity and showed that the city recorded about "1.36%" net new construction in 2024 — which the presenter said equated to roughly "$129,000,000" in added assessed value. The presenter argued that purchasing targeted parcels can produce much larger assessed-value gains than leaving underused properties in place.
Members discussed practical examples: a city-acquired site across from City Hall purchased in 2019 has taken six years to reach the construction stage because of COVID, financing and a lawsuit; the presenter estimated a successful redevelopment on that parcel could achieve an assessed value near "$44,000,000." The staff also described two Saint Paul Avenue parcels that sold for "$300,000" where a developer had proposed 24 affordable units that would have assessed near "$7,000,000." Members said those sales illustrated missed opportunities and strengthened the case for an acquisition policy.
Board members urged guardrails. One committee member proposed an informal upper threshold of "$2,000,000" that the RDA could act on independently, with larger acquisitions returning to council. Another member warned against broad real-estate speculation, saying "speculation makes me uncomfortable when we're dealing with taxpayer dollars" and calling for tight due diligence. The Chair cautioned against quickly buying polluted properties without proper environmental review.
Staff outlined financing approaches for acquisitions, including using sales proceeds plus tax-increment financing (TIF) assistance to seed a revolving acquisition fund, and noted the RDA could combine smaller purchases or partner with developers and Habitat for Humanity. Staff committed to draft a policy that incorporates board feedback on guardrails, due diligence (including environmental review) and funding options, and to return with a draft at a future meeting. The board asked staff to also prepare an update on net new construction for council-level communications.
