Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment Policy topic
No spam. Unsubscribe anytime.
Waukesha RDA forwards new real‑estate purchasing policy to common council to speed redevelopment
Summary
The redevelopment authority voted unanimously to send a newly drafted policy to the common council that would let the RDA acquire sites quickly for housing or catalytic redevelopment using pre‑identified funding sources (interest on ARPA, stabilization fund interest and net proceeds from property sales).
The Waukesha redevelopment authority voted unanimously to forward a proposed real‑estate purchasing policy to the common council that would allow the authority to acquire property quickly when strategic redevelopment opportunities arise.
Staff said the policy grew out of council workshops and is intended to give the RDA criteria and a process to act quickly when a property with redevelopment potential appears on the market. Staff listed acquisition criteria that include: alignment with the city’s strategic plan and central‑city master plan, sites that score well for low‑income housing tax credits, locations with TID (tax incremental district) potential, brownfield sites that qualify for cleanup grants, and properties needed for municipal uses or easements.
“Giving the opportunity for the RDA to act quickly on these things” was the stated goal, a staff member said, citing past situations in which developers lost deals because owners sold quickly to other buyers. Staff outlined due‑diligence steps—environmental assessments, appraisals and legal review—that would occur before a closing and described options after acquisition, including resale to a designated developer, an RFP process, or holding the property briefly until a developer’s plans are ready.
Members pressed staff on the proposed funding sources. Staff said seed funding would come from three primary buckets: interest earned on ARPA funds, interest on the city stabilization fund and net proceeds from sales of city property; staff also said development fund repayments and principal could be used for affordable housing acquisitions in line with fund restrictions. Staff estimated roughly $1.2 million in accrued interest across candidate accounts that could serve as initial seed money, but emphasized council approval would be required to repurpose particular funds.
Some members expressed concern about committing stabilization fund interest given future budget pressures; staff replied that the policy would come to council with requested funding specifics and operational details. Committee members also noted the need to clarify operational mechanics—whether funds would be transferred to a special RDA acquisition account and how staff would coordinate finance, legal and administration tasks.
After discussion the authority voted to send the policy and associated funding recommendations to the common council for final approval; staff said the item is expected to appear on the council agenda in early November.
