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Transform Milwaukee - SARUP
John Vogton 17 March 2014
Transcript of Transform Milwaukee - SARUP
November 21, 2013
2. Housing and Foreclosure Mitigation
ATTRACT economic development financiers to Milwaukee
CREATE needed construction and permanent jobs
DIVERSIFY retail businesses and manufacturing facilities
STRENGTHEN property values and housing stock
DISPOSE of foreclosed and vacant properties
UNITE underutilized intermodal networks together
Transform Milwaukee is a public-private initiative that focuses on restoring economic prosperity to the industrial, residential, and transportation areas connecting the City of Milwaukee’s 30th Street Industrial Corridor, Menomonee Valley, Port of Milwaukee, and Aerotropolis located south of General Mitchell International Airport.
1. Grow Existing Business and Industrial Centers
Small Business, Youth Entrepreneurs, and Start-up Infrastructure
Small business lending
Two Generation Strategy
Minority Start-up Accelerators
Center for Teaching Entrepreneurship, Two Generation Strategy
Young people under 18
Connect youth with industry leaders & entrepreneurs
Develop entrepreneurial thinking and create a new generation of industry leaders
Help train the next generation of students to become industry leaders
Results to Date
Economic Development bond issuance or NMTC: $62.5 million
Small business loans: $252,000
MF loans: $16,973,500
Single family mortgages: $3,405,420
MMSD grant: $250,000
Foundation grants: $191,310
Total investment: $87.2 million
Total non-WHEDA investment: $91 million
Combined: over $178.3 million
32-unit affordable housing apartment building
$4.4 million in multifamily financing
Economic output of $12.8 million (forecast)
Within walking distance of DCF's new headquarters, currently under construction
Milwaukee Marriott Hotel
205 guest rooms
400 temporary construction jobs
230 permanent full-time jobs
Projected contribution to the local tax base: $2.26 million
National Avenue Lofts
73 affordable housing units
$975,000 MF financing
WHEDA is partnering with the NWSCDC in an effort to stop foreclosures, reduce vacancy, increase owner-occupancy, and improve home conditions and values.
Will purchase and modify nonperforming loans
Purchase homes at short sale and either lease them or originate new loans that occupants can afford
Originate home repair and major rehabilitation loans to owner-occupants
30th Street Flood Mitigation Program
The purpose of the project is to build a 30th Street Corridor storm water management system that will solve drainage problems which have plagued the corridor for decades.
30th Street Industrial Corridor Flood Mitigation: Possible Solutions
Greenway would provide a drainage backbone that would serve as a pathway for stormwater.
Natural green space
Open land for new industrial and commercial buildings and housing
Increase recreational and urban agricultural activities
Improve connectivity within the corridor
Act as a buffer between residential and industrial areas
Crosstown Bike Trail that would link the Lincoln Creek to the Hank Aaron trail to the south.
Well designed and maintained greenspace have proven to improve adjacent property's values and would be a major creator of lots of local jobs.
Vacant Land Financing Plan
A financing plan needs to be developed to assist in the removal of blighted properties
An agreed upon solution is required for re-purposing vacant land
Small Business, Youth Entrepreneurs, and Start-ups
Scale up Milwaukee is a project focused on developing high growth entrepreneurial companies in Milwaukee.
WHEDA has engaged a number of community leaders and partners to participate in a Collective Impact partnership process to drive the goals of Transform Milwaukee for years. Collective Impact Initiatives are long-term commitments by a group of important actors from different sectors to a common agenda for solving large and intractable problems. Their actions will be guided by the long term and supported by a shared measurement system, mutually reinforcing activities, and ongoing communication, and are staffed by an independent backbone organization.
Neighborhood Renewal & Growth Initiative
Neighborhood Renewal & Growth Initiative
Will first focus efforts on three neighborhoods at the tipping point to stop the spread of vacancy and foreclosure.
CDFI Mortgage Purchase
Focused on 3 neighborhoods surrounding Century City Business Park
Home Improvement Product
5 TMI projects (234 units)
Blighted Property Strategy
3. Small Business and Entrepreneurship
Loan Guarantee Program
Participation Loan Program
Venture Capital Program
Home Improvement Advantage Program
The WHEDA Home Improvement Advantage Loan will be available to homeowners in designated areas in the Transform Milwaukee area.
Will provide loans for additions, remodeling, home repairs and for energy-related items that are permanent in nature.
Maximum loan size will be $50,000.
WHEDA is partnering with the City of Milwaukee, ACTS, Select Milwaukee and PyraMax Bank
Other banks are being sought to join the program.
Established 1972 • $3 Billion in Assets • Independent Authority • Does not Use Tax Dollars
Works with Lenders, Developers, Local Governments, Nonprofits, & Community Groups
M7 Companies- 2,000
open manufacturing jobs
Industrial Redevelopment Areas
Industrial Spheres of Influence
Major WHEDA Investments
Fabricated Metals: Busch Precision
Target Industrial Sectors
Source: UW Extension
Milwaukee’s African American male employment rate is 44.7%
Transform Milwaukee Initiative