Number
101345
Version
ORIGINAL
Reference
Sponsor
ALD. HINES
Title
Resolution accepting an unsolicited offer to purchase from Garfield Park, LLC to purchase and develop the property at 2154 North 31st Street as surface parking for its adjacent housing development, in the 15th 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, Garfield Park, LLC is converting an obsolete industrial building at 2200 North 31st Street into 69 affordable housing units and needs to provide additional parking for its redevelopment; and
Whereas, Garfield Park, LLC has submitted an unsolicited offer to purchase the City-owned property at 2154 North 31st Street for assemblage with its adjacent property and development as a surface parking lot as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Development of the vacant City property will help ensure successful redevelopment of an obsolete building, will expand housing opportunities and will replace an underutilized City lot with a taxable investment; 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; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the unsolicited offer to purchase submitted by Garfield Park, LLC for the City property located at 2154 North 31st Street is accepted; and, be it
Further Resolved, That...
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