Malcolm X sale holds great potential for neighborhood
Statement of Alderwoman Milele A. Coggs November 26, 2013
Today, the Milwaukee Common Council passed a resolution that authorizes the sale of the former Malcolm X Academy to a private developer. Under the agreement endorsed by the council, part of the property will then be redeveloped into a mixed-use housing and business development, while the rest is renovated into a state-of-the-art school facility. At the end of a lease term, Milwaukee Public Schools will have the opportunity to buy back the facility for a dollar. Further details of the plan are available on the city’s Legistar website.
I am very grateful to my colleagues on the Common Council who supported this proposal. The plan for Malcolm X has been a long time in development, with productive input from many members of the community. They will now have the opportunity to watch their collective vision take shape, becoming a community resource that will remain a point of pride for years to come.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.
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It’s it a sale or a lease? Those are two very different things.
@John Well it is a bit of a creative deal. The entire complex will be sold to the developer for $2.1 mil. Part of the complex will become a mixed-use taxable development (i.e. on the tax base which the St. Marcus deal would not have been). While another portion of which will be leased back to MPS for the cost of upgrades that the developer will be making (some $4.2 mil) for MPS. By selling the entire property to the developer there are a variety of tax credits (the use of tax credits does not mean the property isn’t taxed) the developer can obtain, which MPS couldn’t, to finance the improvements. Once the improvements are complete MPS can buy the property for $1.