Number
061440
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. D’AMATO
Title
Substitute resolution declaring the City-owned parking lot at 2574-90 North Downer Avenue surplus to municipal needs and authorizing its sale to DAPL, LLC, for mixed-use development, in the 3rd Aldermanic District.
Analysis
This resolution authorizes the sale of a property pursuant to Section 304-49-17, Milwaukee Code of Ordinances, according to the conditions in a Land Disposition Report.
Body
Whereas, DAPL, LLC, has offered to purchase 2574-90 North Downer Avenue for a mixed-use development, as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-17 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to purchase when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The City will receive fair market value for the lot and will benefit through an expanded tax base; and
Whereas, The Department of City Development (“DCD”) recommends sale of this lot with closing contingent on DCD approval of final site and building plans and evidence of financing; and
Whereas, The lot will be sold in “as is” condition without representations or warranties including but not limited to soil quality and subsurface condition; and
Whereas, The City Plan Commission has determined that this lot is surplus to municipal needs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that 2574-90 North Downer Avenue is declared surplus and that the Offer to Purchase from DAPL, LLC, is accepted; and, be it
Further Resolved, That the Commissioner of DCD or designee is authorized to perform such acts as necessary to carry out the intent of this resolution including accepting the Offer, executing the deed and releasing any deed restrictions that prevent construction; and, be it
Further Resolved, That the proceeds from the sale,...
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