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Redevelopment Authority
of the City of Milwaukee
The Redevelopment Authority of the City of Milwaukee (RACM) is an independent
corporation created by state statute in 1958.
Mission
The mission of the Redevelopment Authority is to eliminate blighting conditions
that inhibit neighborhood reinvestment, to foster and promote business expansion
and job creation, and to facilitate new business and housing development. Toward
that end, the Redevelopment Authority:
Prepares and implements comprehensive redevelopment plans
Assembles real estate for redevelopment
Is empowered to borrow money, issue bonds and make loans
Can condemn property (eminent domain) in furtherance of redevelopment objectives
The Redevelopment Authority relies upon the Department of City Development for
the professional, technical and administrative support necessary to carry out
its mission. RACM's board members are appointed by the Mayor and confirmed by
the Common Council. Current members are:
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Kathryn M. West, Chair
Robert B. Rondini, Vice Chair
Kenneth L. Johnson
Alderman Willie C. Wade
Lois A. Smith
Bill Schwartz |
The Redevelopment Authority has an annual cooperation agreement with the City of
Milwaukee, with operating funds provided through the City's Community
Development Block Grant Program for:
Management of financial affairs
Land use planning and urban design guidance
Real estate acquisition and disposition
Relocation assistance for displaced families and businesses
Property management and environmental investigation
Housing and economic development project management
The Redevelopment Authority had assets totaling over $63.2 million as of
December 31, 1998 but with an equal corresponding liability (outstanding loans,
bonds and other obligations). This includes an inventory of real estate being
held for development with a gross value of approximately $7 million.
Types of
Projects and Activities
The Redevelopment Authority is a leader in the field of economic development.
Over the years, it has issued bonds in excess of $500 million to leverage and
support private investments. It has participated directly in the planning,
design and development of retail and cultural centers, business parks,
residential subdivisions and stand-alone commercial ventures.
The Redevelopment Authority has a reputation for promoting and attracting
development in both stable and marginal markets, and, for creating model
solutions to complex real estate development and environmental challenges
throughout Milwaukee's neighborhoods.
Following are some representative examples of the types of projects and
activities administered by the Redevelopment Authority in cooperation with the
Department of City Development:
Assemblage and sale of land, Tax Increment District loan administration and the
issuance of bonds for the construction of offices and institutional facilities,
affordable rental and owner occupied housing, and for catalytic commercial
projects
Publication of Requests for Proposals for the purchase and renovation of
historic structures in neighborhoods such as King Drive, Brewer's Hill,
Walker's Point, Concordia and Cold Spring Park
Capital investment and continued participation in the Housing Partnership
Corporation revolving loan fund for below-market rate loans to non-profit
organizations for affordable housing production
Preparation of comprehensive plans to guide future development in the Menomonee
River Valley, Midtown and Beerline areas
Miscellaneous bond transactions for business recruitment, retention and
expansion in locations throughout the city for real estate purchase, facility
construction and equipment.
For further information about the
Redevelopment Authority, call (414) 286-5821 or send email to
RACMInfo@mkedcd.org.
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