The Redevelopment Authority of the City of Milwaukee (RACM) is an independent corporation created by state statute in 1958.
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:
Bill Schwartz, Chair
Lois A. Smith, Vice Chair
Kathryn M. West
Alderman Willie C. Wade
Robert B. Rondini
Jose R. Galvan, Jr.
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 $164.2 million as of December 31, 2010 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 $4.9 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) 286-5730 or send email to RACMInfo@mkedcd.org.