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Alder Denise DeMarb

Alder Denise DeMarb,
Council President Pro Tem

Home Address:
6010 Fredericksburg Lane


Phone: 608-358-3195
district16@cityofmadison.com
Common Council Office:
210 Martin Luther King, Jr. Blvd
Room 417
Madison, WI 53703
Phone: (608) 266-4071
Fax: (608) 267-8669
WI Relay Service

Proposed Acquisition of Lots in Owl Creek

June 28, 2014 4:04 PM

 

The following are some highlights on the proposed acquisition in the Owl Creek Subdivision (lots)

This resolution is the result of staff work on Resolution adopted by Council in November 2013 - asking staff to investigate the best way for these lots to come out of foreclosure.  At the time of the resolution there was no date on the foreclosure sale, it happened quicker than I anticipated.

Forty-Eight lots and one outlot have been caught in the Nelson Brother's bankruptcy for a prolonged period of time.  The vacant lots with mounds of dirt left from started construction and a partially complete foundation have created a feeling of blight and decay.

Anchor Bank recently acquired the lots at a foreclosure sale (May 2014). There is a risk that Anchor Bank will liquidate the Lots without concern for the quality of the housing that gets developed.  There is also the risk that the lots will not be well maintained while the bank works on liquidation.  The continuation of blight and decay created by the concentration of vacant lots will put existing homeowners at risk of declining property values and will increase the need for additional City resources in the area.  It is important the development of the vacant lots is done in a professional, organized manner.

I see the purchase of the property as a way to prevent further decline that will further stress families and home values in the area. 

The cost to the City will be approximately $550,000 or $11,225 a lot. Through two different sources the lots are worth at least $40,000 each.  I'm not sure the lots will sell for $40k each, but I'm confident that the City will recover its investment plus extra to help fund future acquisitions activities.

Funding is coming from the General Land Acquisition Fund and net proceeds from the sale of lots will be returned to the fund for future acquisition activities.

After discussions with single family developers with experience in the area, we are confident that there are private partners that will assist with making Owl Creek a successful neighborhood, with vibrancy and a look towards a good future.  Neighbors in Owl Creek and the greater area have waited for the buildout of these lots for a long time.

I hope you support this Resolution toward a better future for this failed development and a troubled neighborhood.  Brighter future for this area of the City is on the horizon!

Please let me know of questions you may have as this Resolution moves through Committees and back to Council. 

thanks
Denise

Denise DeMarb, Alder District 16
Please join my blog at http://www.cityofmadison.com/council/district16/blog/





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