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:
Frances Hardrick, Chair
Lois A. Smith, Vice Chair
Kathryn M. West
William J. Schwartz
Jose R. Galvan, Jr.
The Redevelopment Authority has an annual cooperation agreement with the City of Milwaukee, with operating funds provided through the City of Milwaukee for:
- Management of financial affairs
- Land use planning and urban design guidance
- Real estate acquisition and disposition
- Property management and environmental investigation
- Housing and economic development project management
The Redevelopment Authority had assets totaling over $230.3 million as of December 31, 2020 including an inventory of real estate being held for development with a gross value of approximately $7.5 million. The Redevelopment Authority has an equal corresponding liability (outstanding loans, bonds and other obligations).
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 $1 billion to leverage and support private investments. It has participated directly in the planning, design and development of retail and cultural centers, industrial business parks, residential subdivisions, stand-alone commercial ventures and community parks.
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, creation and administration of Tax Increment Districts and the issuance of bonds for the construction of offices and institutional facilities, affordable rental and owner occupied housing, and catalytic commercial projects.
- Issuance of hundreds of millions of dollars in bond transactions for business recruitment, retention and expansion in locations throughout the city for real estate purchase, facility construction and equipment.
- Preparation of comprehensive plans to guide future development in the Harbor District, Menomonee River Valley, 30th Street Corridor, Midtown and Beerline areas.
- Redevelopment of the award-winning Menomonee Valley Industrial Center and Community Park which includes 13 businesses with over 1,400 jobs and the creation of the 24-acre Three Bridges Park.
- Cleanup of a former 100-year old industrial facility into an 84-acres eco-industrial district.
- Involved in the redevelopment of hundreds of brownfield projects including manufacturing, residential, retail and commercial. The brownfield redevelopment projects have resulted in creation or retention of over 5,000 jobs and private investment exceeding $700 million.
For further information about the Redevelopment Authority, call (414) 286-5730 or send email to [email protected].