NUMB:
970096
VERS:
ORIGINAL
REF:
961074
XXBY:
ALD. HENNINGSEN
TITL:
Resolution accepting an Offer to Purchase 105 North Water Street and a part of the adjoining vacant land at 117-23 North Water Street, in the 4th Aldermanic District. (Department of City Development - Real Estate)
ANLS:
- Analysis -
This resolution approves the sale of surplus, City- owned property by the City of Milwaukee.
BODY:
Whereas, The surplus, City-owned property, a/k/a the "Fire Boat House," at 105 North Water Street and a part of the adjoining vacant land at 117-23 North Water Street, were advertised for sale via an Invitation for Proposals; and
Whereas, Six Offers were received which conformed to the conditions set forth in the Invitation for Proposals, of which one was returned due to the lack of a financial commitment and two withdrew voluntarily; and
Whereas, Of the remaining three, the Offer of $150,000 to purchase said property and proposal to rehab it submitted by BDC Building Design and Construction, Inc. ("BDC"), was deemed to best meet the objectives set forth in the proposal evaluation criteria stated in Common Council File No. 961074; and
Whereas, In the event that BDC is unable to perform within the stated time frame, the Offer submitted by David Shaw, Charles Ehredt, and Associates, for $100,000, shall be accepted; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Offer to Purchase submitted by BDC Building Design and Construction, Inc., in the amount of $150,000, for the surplus, City-owned property located at 105 North Water Street, Tax Roll Key No. 392-0960-9, and a part of the adjoining surplus, City- owned vacant land located at 117-23 North Water Street, Tax Roll Key No. 392-0959-3, is accepted and that the proper City officials are authorized and directed to perform such acts as may be required to consummate the transaction and that the proceeds be credited to the City Property Account No. 01-191-9944; and, be it
Further Resolved, That in the event that BDC is unable to close the transaction for any reason, the Department of City Development is authorized and directed to close the sale of said property with David Shaw, Charles Ehredt, and Associates; and, be it
Further Resolved, That said property shall be brought into compliance with applicable building codes as evidenced by a Certificate of Occupancy within nine (9) months of the date of closing or the property may revert back to the ownership of the City of Milwaukee upon action by the Common Council.
ZDPT:
DFTR:
DCD-Real Estate
TT:jvg
04/22/97/O
CATTD-Real Estate
TT:jvg
04/22/97/O
CATT