Number
051104
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution declaring surplus and authorizing the sale of the improved, tax-deed property at 3076-78 North 27th Street, in the 7th Aldermanic District.
Analysis
This resolution will permit the Department of City Development to market and sell an improved, tax-deed property in a manner supportive of and consistent with uses in the neighborhood.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) expects the Department of City Development (“DCD”) to design and implement real estate disposition and development strategies that will spur development compatible with neighborhoods in terms of land use and urban design; and
Whereas, The City of Milwaukee (“City”) owns property representing significant redevelopment and revenue potential, more particularly described as follows:
3076-78 North 27th Street, mixed-use, 5,278 square-foot building, 4,620 square feet of land, Asking Price $15,300, Zoning LB-2, Tax Key No. 310-1701-000-2; and
Whereas, DCD has formulated a marketing plan for this property that generally includes the following elements:
1. Create a listing (Property Information Sheet) for the property that illustrates physical and locational attributes.
2. Indicate the City’s preferred use(s) for this property in addition to those that are allowable by zoning.
3. Advertise with a Request For Proposals (“RFP”) at the Asking Price in major media outlets.
4. Invite options to purchase with proposals to redevelop the property for a 45-day period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that said property is declared surplus and that DCD is authorized and directed to proceed with implementation of the above-described disposition plan; and, be it
Further Resolved, That the Commissioner of DCD is authorized to accept Offers to Purchase based upon the offer amount, proposed use, amount of investment, and the buyer’s financial ability and experience; and, be it
Further Resolved, That as a condition of the sale of surplus property, purchaser is required to bring property into compliance with applicable building codes within the time specified by the Department of Neighborhood Services or property may revert to the ownership of the City upon action by the Common Council; and, be it
Further Resolved, That the proceeds remaining from the sale of said property, after payment of closing related expenses and a 25 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, be deposited into the Reserve for Tax Deficit Fund Account No. 0001-334106.
Drafter
DCD-Real Estate
KT:kt
12/13/05/A