Waukesha RDA forwards real‑estate purchasing policy to Common Council to speed redevelopment acquisitions

The Waukesha City Redevelopment Authority on Oct. 20 voted unanimously to forward a proposed real‑estate purchasing policy to the Common Council for consideration. The policy would authorize the authority to acquire property under specified criteria to support redevelopment goals.

Staff described the policy as a tool to allow the authority to act quickly when catalytic sites become available. The written criteria the authority reviewed include alignment with the city’s strategic plan and corridor plans, demonstrated site redevelopment potential, eligibility for brownfields or other grants, scoring under the Low Income Housing Tax Credit process, location inside tax incremental finance districts or low‑to‑moderate income (LMI) neighborhoods, and potential municipal uses such as utility or access easements.

The policy also sets due‑diligence steps to be completed during any contingent purchase: environmental site assessments, appraisals or broker opinions, coordination with the city attorney and finance department and draft development agreements or offers to purchase to ensure a developer’s intent to acquire or to set conditions for resale. Staff said the authority would report acquisitions to the Common Council and could choose to sell a property directly to a preselected developer, solicit proposals, or list property on the open market.

On funding, staff identified several seed sources that could capitalize an RDA acquisition account: interest earned on ARPA funds set aside for redevelopment, interest on the city’s stabilization fund, net proceeds from city property sales, and repayments/interest coming back into the Affordable Housing Development Fund. Staff said the combined interest in the two identified accounts amounted to roughly $1.2 million at the time of discussion and that additional proceeds from property sales or loan repayments would grow the acquisition account over time. Members discussed different ways to structure transfers and noted that final funding mechanics would be decided as part of the Common Council review.

Authority members and staff emphasized the policy’s goal of facilitating “net new construction” on limited available land by enabling quick, targeted acquisitions of key parcels. Staff said properties acquired under the policy would go through standard city due diligence and legal review before closing.

The authority voted to forward the draft policy for Common Council consideration; staff said the matter is expected to appear at the first council meeting in November for final action.

The motion to forward the policy passed unanimously. Staff will prepare the policy and the proposed funding mechanics for the Common Council packet.