Number
051676
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving the Land Disposition Report for property in the Menomonee Valley Industrial Center for industrial development, in the 8th Aldermanic District. (Redevelopment Authority)
Analysis
This substitute resolution will permit the Redevelopment Authority to convey said land according to conditions in the Land Disposition Report and the Term Sheet.
Body
Whereas, Demco Wisconsin 3, LLC, has offered to purchase a portion of the Redevelopment Authority of the City of Milwaukee’s (“Redevelopment Authority”) property at 3601 West Canal Street for industrial development; and
Whereas, On May 18, 2006, the Redevelopment Authority of the City of Milwaukee will hold a Public Hearing on the proposed sale as required by Wisconsin Statutes; and
Whereas, Pursuant to Wisconsin Statutes and as a condition precedent to the sale, lease or transfer of land, the Redevelopment Authority has submitted a Land Disposition Report and a Term Sheet, copies of which are attached to this Common Council File, describing the terms and conditions of the proposed sale; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report dated as of May 18, 2006 and the Term Sheet, with respect to the proposed sale of the following property is approved, subject to approval by the Redevelopment Authority of the City of Milwaukee.
REDEVELOPMENT PROJECT AREA
Milwaukee Road Shops
PARCEL ADDRESS
Part of 3601 West Canal Street
REDEVELOPER
Demco Wisconsin 3, LLC
Drafter
DCD/Redevelopment Authority
MLB:mlb
05/01/06