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Consideration of approval of a Letter of Intent regarding the potential purchase of private property by the City of Wauwatosa within Tax Increment District 7
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Submitted by:
John Ruggini and Mark Hammond
Department:
Finance and Development
A. Issue
We have nearly completed negotiation of a Letter of Intent to purchase the property within Tax Increment District 7 that was discussed in closed session on December 9, 2025 and are now looking for the Committee to authorize staff to finalize and execute the Letter of Intent and a subsequent Purchase and Sale Agreement.
B. Background/Options
At the December 9, 2025 meeting of the Financial Affairs Committee, agenda item 25-2264, we provided information in closed session on a potential land acquisition consistent with the Tax Increment District Seven - Burleigh Triangle project plan. The Committee provided staff direction to proceed with negotiating a letter of intent with the potential seller. Those negotiations have proceeded well and we are in the final stages of a negotiated agreement within the not-to-exceed dollar amount provided. The draft agreement is provided as a confidential attachment to this item given the on-going negotiations.
C. Strategic Plan (Area of Focus)
Economic Development & Financial Resilience
D. Fiscal Impact
Tax Increment District Seven has sufficient increment to finance the debt that would be necessary to acquire the property and prepare it for redevelopment.
E. Recommendation
We recommend authorizing staff to negotiate and execute a final Letter of Intent and a subsequent Purchase and Sale Agreement on terms generally consistent with the draft Letter of Intent attached hereto. Staff is authorized to agree to minor deviations from the terms of the draft Letter of Intent during negotiation of the final Letter of Intent and Purchase and Sale Agreement, provided that the purchase price does not exceed the price set forth in the attached draft Letter of Intent. No fu...
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