MINUTES

ACQUISITION SUBCOMMITTEE OF THE
REDEVELOPMENT AUTHORITY OF THE CITY OF GREEN BAY
Wednesday, September 6, 2006
City Hall, Room 604
2:30 p.m.

MEMBERS PRESENT: Jim Blumreich and Dan Dallich.

MEMBERS EXCUSED: Maria Milano.

OTHERS PRESENT: Cheryl Renier-Wigg and Karen Odegaard.

ORDER OF BUSINESS:

1. Review and action on list of Neighborhood Enhancement Funds requests for purchases and make recommendations to Redevelopment Authority for adoption of resolution to purchase including, but not limited to:

333 S. Maple Avenue

611 Kellogg Street

253 N. Baird Street

C. Renier-Wigg went through each property and gave information regarding criteria met.

333 South Maple was submitted by Ald. Zima. It is 2-family, with an assessed fair market value of $78,900. The listed price was $49,900, and the accepted offer on the property is $40,000. It meets 95 out of 100 points on the criteria. Staff recommends potentially reselling this property to a developer who would convert it to a single-family dwelling and sell it for owner-occupancy. The property would require a full-gut rehab, but the basement is in good shape, and there are some nice features for an older home on the site.

611 Kellogg Street was submitted by Ald. Jeffreys. It is a 2-family home located in an area that we will be targeting our 2007 block grant dollars in. The equalized fair market value is $82,400, the listed price is $96,000, and the accepted offer is at the assessed value of $79,900. It meets 95 out of 100 points on the criteria. The exterior of the building is not in the greatest shape, but the inside has had improvements made to it. Both units are currently rented out. The problem with this property is that the house takes up almost the entirety of the postage-stamp-sized lot. Staff would recommend renting this property until the plans are set for the 2007 block grant dollars and then tandem this house with other properties on the same block for potential move and rehab.

251-253 N. Baird Street is a duplex that was submitted by Ald. Kriescher. It is located immediately south of the East River on the west side of Baird Street. It is directly across the street on Baird from Cora Vanderperren Trail. Ald. Kriescher ranked this as a high priority property for purchase because if we were to connect that trail along the East River, at some point we would need to purchase this duplex in order to make that happen, and this duplex is currently for sale. The listed price on the property is $109,900. The assessed fair market value is $102,000, and that is also the accepted offer. It met 85 out of the 100 points on criteria. The plan would be to make some minor repairs to the property and lease the property until such time that the trail would be connected at that point. The realtor for the property estimated rents to be $650 per side, so this purchase would actually have the ability to generate some revenue to the enhancement fund program.

Currently, the program has $438,805. With these purchases and demolition and property management fees subtracted off that balance, $182,405 would remain.

A motion was made by D. Dallich, seconded by J. Blumreich, to approve Resolution No. 579, authorizing purchase of 333 South Maple, 611 Kellogg, and 253 N. Baird Street using neighborhood enhancement funds. Motion carried.

The meeting adjourned.

:CRW