Number
260053
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution authorizing the acceptance of an unsolicited offer to purchase from Maxon Industries, Inc. for the portion of the City-owned tax deed property at 6600 North Teutonia Avenue, in the 1st Aldermanic District.
Analysis
This resolution authorizes the sale of a portion of the City-owned property according to the conditions in a Land Disposition Report pursuant to Sections 304-49-3-b-1, 309-49-11 and 304-49-6, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired the tax deed property at 6600 North Teutonia Avenue on June, 29, 2011 through property tax foreclosure; and
Whereas, Maxon Industries, Inc. and/or assigns (the “Buyer”) submitted an offer to purchase for a portion of 6600 North Teutonia Avenue (the “Property”) for business expansion purposes as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-3 of the Milwaukee Code of Ordinances (“MCO”) allows the City of Milwaukee to accept offers with the approval of the Common Council of the City of Milwaukee (“Common Council”); and
Whereas, Section 304-49-11 of the MCO allows the City to sell properties when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Buyer’s offer represents fair compensation for the Property due to the Property having ingress and egress limitations and topographic challenges; and
Whereas, The Buyer seeks to purchase the property to expand its business operations with its abutting property at 3204 West Mill Road in the 1st Aldermanic District; and
Whereas, The Department of City Development (“DCD”) has reviewed the Buyer’s offer and has determined that the offer represents fair compensation to the City; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the offer submitted by Maxon Industries, Inc. and/or assigns, for a portion of the property at 6600 North Teutonia Avenue is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute the Purchase and Sale Agreement, deed, and requisite closing documents with the Buyer, or its assigns, and to close the transaction in substantial conformance with the terms of the LDR, a copy of which is attached to this Common Council File, including execution of any needed easements, releases of deed restrictions or other documents necessary to carry out the development as described in the LDR; and, be it
Further Resolved, That at closing, subtracted from the sale proceeds and retained by the City will be the amount of property taxes, interest and fees owed; and all costs and expenses incurred. Retained funds will be distributed between the Redevelopment Authority of the City of Milwaukee and the City’s Tax Deficit Fund, with the balance of the proceeds, if any, to be returned to the former owner.
Drafter
DCD:Matthew.Haessly:mfh
05/12/26/A