City of Milwaukee - File #: 070285

• File #: 070285
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 5/30/2007
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 6/19/2007
• Title: Resolution accepting an offer to purchase submitted by Housing Resources, Inc., for the improved, tax-deed property at 2500 West Capitol Drive, in the 1st Aldermanic District.
• Sponsors: ALD. HAMILTON
• Indexes: AGREEMENTS, CITY PROPERTY, DEED RESTRICTIONS, PROPERTY SALES

Date	Ver.	Action By	Action	Result	Tally
6/26/2007	0	MAYOR	SIGNED
6/19/2007	0	COMMON COUNCIL	ADOPTED	Pass	14:0
6/12/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals present: Karen Taylor - Dept. of City Development Trina Bond - Executive Director of Housing Resources, Inc.	Pass	5:0
6/5/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/30/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070285
Version
ORIGINAL
Reference

Sponsor
ALD. HAMILTON
Title
Resolution accepting an offer to purchase submitted by Housing Resources, Inc., for the improved, tax-deed property at 2500 West Capitol Drive, in the 1st Aldermanic District.
Analysis
Adoption of this resolution by at least two-thirds vote of the Common Council of the City of Milwaukee authorizes the sale of Development Property by acceptance of an unsolicited offer pursuant to Section 304-49-7, Milwaukee Code of Ordinances, and allows a Payment in Lieu of Taxes Agreement rather than a deed restriction prohibiting application for exemption from real estate taxation pursuant to Section 304-49-12, Milwaukee Code of Ordinances.
Body
Whereas, Section 304-49-7, Milwaukee Code of Ordinances, allows the City of Milwaukee (“City”) to accept unsolicited offers and convey property to a designated entity for adequate fair market consideration, which may be monetary or non-monetary; and

Whereas, Housing Resources, Inc., a non-profit corporation, has offered to purchase the improved property at 2500 West Capitol Drive for $5,000 to rehabilitate the building for use as the Tool Loan Program and homebuyer counseling services, as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and

Whereas, The Department of City Development (“DCD”) has reviewed the offering price and proposed use and believes the City will receive fair market compensation from the purchase price and from operation of the Tool Loan Program and homebuyer counseling services and recommends acceptance of the offer; and

Whereas, Closing shall be contingent on DCD review and approval of firm financing and rehabilitation plans submitted by Housing Resources, Inc.; and

Whereas, Housing Resources, Inc., has offered to enter into a Payment in Lieu of Taxes (“PILOT”) Agreement with the City rather than acquire the property with a deed restriction that prohibits application to the City for ...