Untitled document
Number
091514
Version
ORIGINAL
Reference
Sponsor
ALD. KOVAC
Title
Resolution declaring the City-owned parking lot at 2353 North Farwell Avenue surplus to municipal needs and authorizing an Option to Purchase with Mercy Housing Lakefront, Inc. to purchase and develop the property with workforce housing, in the 3rd Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, Mercy Housing Lakefront, Inc. desires to develop affordable workforce housing in the vicinity Columbia St. Mary's Hospital and has submitted an unsolicited offer to purchase for the City-owned parking lot at 2353 North Farwell Avenue for assemblage and development with the adjacent property; and
Whereas, Mercy Housing Lakefront, Inc. will create a limited liability company to take title to the properties and develop the project as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Development of workforce housing in the area will replace an underutilized City parking lot with a taxable investment that will complement recent neighborhood developments, including the new Columbia St. Mary's Hospital and Prospect Medical Commons; and
Whereas, Section 304-49-7 of the Milwaukee Code of Ordinances allows the City to accept unsolicited offers to purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development ("DCD") has reviewed the offer and the development proposal and has determined that the proposal represents fair compensation to the City in terms of the purchase price, investment in the neighborhood and provision of affordable housing; and
Whereas, The City Plan Commission has determined that said parking lot is surplus to municipal needs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City-owned parking lot at 2353 North Farwell Avenue is declared surplus to municipal needs and that the development proposal of Mercy Housing Lakefront, Inc. is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to close the transaction according to the terms of the Land Disposition Report and upon DCD approval of final construction plans and submission of firm financing; and, be it
Further Resolved, That Commissioner of DCD, or designee, is authorized to execute the offer, deed and all needed closing documents, including any needed easements and/or releases of deed restrictions; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Parking Fund.
Drafter
DCD:EMM:bmm
03/02/10/A