The Waukesha Redevelopment Authority voted unanimously on Oct. 20 to forward a proposed real estate purchasing policy to the Common Council for approval. The policy would give the authority the ability, under guidelines, to make quick offers and—after due diligence—acquire properties identified as high redevelopment potential.

Why it matters: authority members said the policy is intended to help the city preserve scarce developable land and to enable acquisition of catalytic sites identified in local plans, brownfield areas and other locations suitable for workforce housing or targeted redevelopment.

Policy details presented
Staff summarized criteria that would make a parcel eligible for acquisition, including alignment with the city's strategic plan and Central City Master Plan, site scoring for low-income housing tax credit suitability, proximity to redevelopment corridors (for example Saint Paul Avenue and Sunset/West), opportunities to leverage grants (brownfields/WEDC), and suitability for TIF or HOME-funded projects. Staff said the authority would perform standard due diligence—appraisals, environmental assessments and legal review—before closing and would typically tie acquisition to a development agreement or an offer from a prospective developer.

Funding and seed money
Staff described potential seed funding sources for an RDA acquisition fund: interest accrued on ARPA funds, interest from the city's stabilization fund, net proceeds from sales of city property, and the RDA development fund (principal/interest repayments). Staff said, collectively, interest in the identified buckets is roughly $1.2 million at present, though the authority and finance staff will finalize the accounting and mechanics before the Common Council action. The policy, as presented, would also allow the authority to consider fund replenishment through future TID (tax incremental district) actions and property sales.

Discussion and vote
Members discussed operational questions including which staff would perform acquisition tasks, how funds would be transferred and whether purchases could include commercial or tax-foreclosed properties. One member noted concern about using stabilization-fund interest given other fiscal pressures; staff said detailed fund-management mechanics would be finalized with finance and the city administrator before council review. The authority unanimously approved a motion to send the draft policy to the Common Council; staff said it would appear on the Council agenda in early November.

Next steps
Staff will refine the policy language and the funding mechanics with finance and the city administrator, then present the policy and proposed funding sources to the Common Council for final approval. If adopted, the policy would allow the RDA to make contingent offers with a due-diligence period and move quickly on properties that meet the stated criteria.