Number
241984
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 3608-10 West Villard Avenue, 3614-16 West Villard Avenue and 5221 North 36th Street, in the 1st Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Commercial Properties according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 3608-10 West Villard Avenue and 3614-16 West Villard Avenue between 2015 and 2020 and 5221 North 36th Street was acquired in 1975-76 for off street parking and these properties combined are (the “Properties”); and
Whereas, The Department of City Development (“DCD”) advertised the Properties for sale through a Request for Proposals (“RFP”) on its website and through MLS; and
Whereas, DCD received and reviewed one proposal by the established deadline and recommends acceptance of the proposal from Lincoln Creek Development, LLC (“Buyer”), or assignee, to acquire and redevelop the property as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist (“DDC”), copies of which are attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the LDR and DDC are approved and that DCD is authorized to enter into a Purchase and Sale Agreement (“PASA”) with the Buyer, or assignee, materially consistent with the LDR, and then convey the Properties to the Buyer in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, deed and requisite closing documents and to close the transaction and to take such actions, as may be needed, to effectuate the terms of the LDR and this resolution; and, be it
Further Resolved, That the sale proceeds, less sale and marketing expe...
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