Number
111067
Version
ORIGINAL
Reference
Sponsor
ALD. WITKOWIAK
Title
Resolution accepting an offer to purchase submitted by Paul M. Maric for the City-owned properties at 1034-38 West National Avenue, in the 12th Aldermanic District.
Analysis
This resolution authorizes the sale of Development Property according to the conditions in a Land Disposition Report.
Body
Whereas, The Department of City Development ("DCD") listed a former warehouse and lot at 1034 to 1038 West National Avenue for sale on DCD's commercial website and specified Redevelopment Criteria; and
Whereas, Prior to the established deadline, one proposal was received from Paul M. Maric for rehabilitation of the subject properties for mixed-use development, which proposal was reviewed according to the established criteria; and
Whereas, DCD recommends acceptance of the offer to purchase and redevelopment proposal submitted by Paul M. Maric as outlined in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Closing is contingent on DCD approval of a final scope of work and evidence of firm financing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the offer to purchase submitted by Paul M. Maric for the City-owned properties at 1034 and 1036-1038 West National Avenue is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute the Offer to Purchase, deed and other documents necessary to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the net proceeds from the sale shall be returned to the Reserve For Tax Deficit Fund, less all sale and marketing expenses and a 30 percent development fee to be paid to the Redevelopment Authority of the City of Milwaukee.
Drafter
DCD/Real Estate
MFH:mfh
11/30/11/A