Number
091407
Version
Substitute 1
Reference
Sponsor
ALD. WITKOWIAK
Title
Substitute resolution approving the Land Disposition Report for the properties at the northeast corner of Muskego and Mitchell for sale to Mitchell Street Market Lofts, LLC, for mixed-use development, in the 12th Aldermanic District.
Analysis
This substitute resolution will permit the Redevelopment Authority of the City of Milwaukee to convey said land according to the conditions in the Land Disposition Report.
Body
Whereas, Mitchell Street Market Lofts, LLC has offered to purchase properties from the Redevelopment Authority of the City of Milwaukee (“Authority”) for a mixed-use development; and
Whereas, On March 18, 2010, the Authority held a Public Hearing on the proposed sale as required by Wisconsin Statutes; and
Whereas, Pursuant to Wisconsin Statutes and as a condition precedent to the sale, lease or transfer of land, the Authority submits herewith a Land Disposition Report describing the terms and conditions of the proposed sale; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report dated March 18, 2010, with respect to the proposed sale of the following described properties, is approved:
REDEVELOPMENT PROJECT AREA
South Muskego Avenue-West Mitchell Street
PROPERTY ADDRESSES
1902 West Mitchell Street
1928 West Mitchell Street
1664 South Muskego Avenue
1668 South Muskego Avenue
1670 South Muskego Avenue
1674 South Muskego Avenue
REDEVELOPER
Mitchell Street Market Lofts, LLC
; and, be it
Further Resolved, That the proper City officials are authorized to execute an Emerging Business Enterprise Agreement with the Redeveloper; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 30 percent development fee to the Authority, shall be deposited with the Community Development Grants Administration and the Reserve For Tax Deficit Fund; and, be it
Further Resolved, That the proper City officials may execute all documents necessary to effect closure, including easements and releases of City deed restrictions that interfere with development.
Drafter
DCD:RACM:MFH:mfh
02/17/10
03/24/10 -- Clerical Correction -- tb