Number
111405
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. KOVAC, HAMILTON, COGGS and WADE
Title
Substitute resolution authorizing a Purchase, Sale and Development Agreement for the East Library at 1910 East North Avenue with HSI Properties, LLC to approve sale of the property, redevelopment of a mixed-use building and acquisition of the new East Library condominium unit, in the 3rd Aldermanic District.
Analysis
This substitute resolution authorizes the sale of the City-owned East Library at 1910 East North Avenue for redevelopment and approves the acquisition of a new East Library Condominium according to the conditions in a Land Disposition and Acquisition Report. This resolution also authorizes an Option to Purchase for the new East Library Condominium in the event the unit becomes surplus to municipal needs according to the conditions in the Purchase, Sale and Development Agreement.
Body
Whereas, The Milwaukee Public Library (“MPL”) with assistance from the Department of City Development (“DCD”) published a Request for Proposal (“RFP”) for the sale and redevelopment of the City of Milwaukee (“City”) East Library at 1910 East North Avenue; and
Whereas, The RFP offered the current library property for sale at a nominal cost in exchange for a redevelopment that will provide the shell for a new East Library at no cost to the City under established conditions and that will include a secondary use that will complement MPL patrons, the East North Avenue Business District and East Side residents; and
Whereas, Three conceptual proposals were received before the established deadline and were presented to the MPL Board of Trustees and the public for comment after which the MPL Board of Trustees requested that the three developers prepare more detailed submissions for MPL review and selection; and
Whereas, After a public meeting on the revised submittals, the MPL Board of Trustees selected the proposal submitted by HSI Properties, LLC (“HSI”) as the develop...
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