NUMB:
981618
VERS:
ORIGINAL
REF:
972002
XXBY:
ALD. D'AMATO
TITL:
Resolution declaring the City-owned parking lot located at 2644 North Newhall Avenue surplus to municipal needs and accepting an Offer to Purchase received from Metco, Inc., for residential development, in the 3rd Aldermanic District. (DCD-Real Estate)
ANLS:
- Analysis -
This resolution will declare the parking lot at 2644 North Newhall Avenue surplus to municipal needs and permit the City of Milwaukee to convey said property according to the terms of the Land Disposition Report.
BODY:
Whereas, In Common Council File No. 972002, adopted on May 5, 1998, the Common Council of the City of Milwaukee ("Council") directed the Department of City Development to market underutilized City-owned parking lots in the 3rd Aldermanic District; and
Whereas, The parking lot at 2644 North Newhall Avenue was advertised for sale in accordance with the guidelines outlined by the Council and two proposals were received prior to the established deadline; and
Whereas, The Department of City Development reviewed the two proposals and recommends acceptance of the development proposal submitted by Metco, Inc., for residential development as summarized in the Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, The City Plan Commission has determined that said property is surplus to the City of Milwaukee's needs; and
Whereas, Prior to the transfer or sale of said property, an exemption would be required from the provision of Common Council File No. 920379, which placed a moratorium on the purchase, sale or construction of any new or existing City and Redevelopment Authority parking facilities until a City-wide Transportation Plan is adopted by the Council; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City-owned parking lot located at 2644 North Newhall Avenue is declared surplus to municipal needs; and, be it
Further Resolved, That the development proposal tendered by Metco, Inc., for residential development be accepted; and, be it
Further Resolved, That the Commissioner of the Department of City Development is authorized to execute an Option to Purchase on behalf of the City of Milwaukee and to close the transaction according to the terms of the Land Disposition Report and upon satisfactory review and approval of site and building plans and upon presentation of firm financing commitments from Metco, Inc.; and, be it
Further Resolved, That prior to the transfer or sale of said property, an exemption is required from the provision of Common Council File No. 920379, which placed a moratorium on the purchase, sale or construction of any new or existing City and Redevelopment Authority parking facilities until a City-wide Transportation Plan is adopted by the Council; and, be it
Further Resolved, That the net proceeds from the sale shall be deposited into the Department of Public Works Parking Fund Account.
ZDPT:
DFTR:
DCD-Real Estate
TT:jvg
03/02/99/D