Number
190055
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 2543-47 North Dr. Martin Luther King Jr. Drive, in the 6th Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 2543-47 North Dr. Martin Luther King Jr. Drive (the “Property”) in October, 2017 through property tax foreclosure; and
Whereas, The Department of City Development (“DCD”) advertised the Property for sale on its website and through MLS and in 2018 as a Request for Proposal (“RFP”); and
Whereas, DCD staff reviewed three proposals received prior to the established deadline; and
Whereas, DCD staff shared the top two proposals (the “Finalists”) with the Bronzeville Advisory Committee (“BAC”); and
Whereas, The Finalists presented to the BAC, and the BAC recommended that Pepperpot CateringMKE Limited Liability Co. (the “Buyer”), or assignee, should acquire and redevelop the Property; and
Whereas, DCD staff concurred with the recommendation of the BAC that the Buyer, or assignee, should acquire and redevelop the Property as summarized in a Land Disposition Report and a Due Diligence Checklist, 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 Land Disposition Report is approved and DCD is authorized to enter into a Purchase and Sale Agreement with the Buyer, or assignee, materially consistent with the Land Disposition Report, and then convey the Property to the Buyer in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Purchase and Sale Agreement, 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 Land Disposition Report and this resolution; and, be it
Further Resolved, That the sale proceeds shall be credited to the Delinquent Tax Fund.
Drafter
DCD:Matt.Haessly:mfh
04/25/19