Number
211512
Version
SUBSTITUTE 1
Reference
170332
Sponsor
ALD. COGGS
Title
Substitute resolution authorizing the sale of tax-deed property located at 322-40 West Meinecke Avenue, 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 Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances, and the extension of a City Art and Resource Community Hub (ARCH) Loan to the Buyer.
Body
Whereas, The City of Milwaukee (“City”) acquired 322-40 West Meinecke Avenue (the “Property”) on June 8, 2015 through property tax foreclosure; and
Whereas, During the process of creating the report “Bronzeville Artist Housing” (the “Report”) the City and The University of Wisconsin-Milwaukee School of Architecture and Urban Planning identified the Property as an ideal site for Artist Housing; and
Whereas, Through the Report public outreach and discussion process, HomeWorks: Bronzeville (the “Buyer”) was identified as a potential buyer for the Property; and
Whereas, The neighboring property to the north located at 2406-08 North Vel R. Phillips Avenue is an Artist Housing location where a member of the Buyer team resides; and
Whereas, The Buyer has submitted a proposal to purchase the property and create artist housing at the Property; and
Whereas, Two structures exist on the property, a duplex and a multi-unit property; and
Whereas, The Buyer has done extensive due diligence on the property; and
Whereas, The due diligence performed on the property has led the Buyer to conclude that Buyer must demolish the multi-unit structure on the western portion of the property; and
Whereas, The Buyer has agreed to demolish the multi-unit structure on the west end of the property at Buyer’s sole expense and according to all City ordinances and requirements within six months of purchasing the property; and
Whereas, The Buyer has agreed to renovate the duplex on the property to an artist housing property as summarized in the Land Disposition Report and 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 the appropriate City officials are authorized to negotiate and enter into an Offer to Purchase with the Buyer, or assignee, for the Property in substantial compliance with the Land Disposition Report and to extend an Art and Resource Community Hub (“ARCH”) Loan to the Buyer in the amount of $25,000, subject to the terms and conditions of the ARCH Loan Program approved by the Common Council in File No. 170332; and, be it
Further Resolved, That the Commissioner of the Department of City Development, or designee, and the appropriate City officials are authorized to sign the Offer to Purchase, an ARCH Loan Agreement, a 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:Amy.Turim:at
01/25/22