NUMB:
970570
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution accepting an Offer to Purchase the surplus, improved, tax deed property located at 1530-32 West Wright Street, in the 17th Aldermanic District. (Department of City Development - Real Estate)
ANLS:
- Analysis -
This resolution accepts an Offer to Purchase received for said property.
BODY:
Whereas, The surplus, improved, tax deed property located at 1530-32 West Wright Street was advertised for sale via the open listing method in accordance with the provisions of a previously adopted Common Council File; and
Whereas, An Offer to Purchase said property was submitted by a licensed real estate broker representing George Drinkwater, contingent upon receiving a Greenline Program mortgage loan; and
Whereas, George Drinkwater would not qualify for said loan with his Initial Offer to Purchase price as indicated below:
Common Council Approved Asking Price - $12,500
Minimum Reduced Set Price - $9,375
George Drinkwater Initial Offer - $9,375
Greenline Program Suggested Offer - $751*
*Broker's commission of $750 to be deducted from the Greenline Program Suggested Offer price; and
Whereas, George Drinkwater desires to purchase said property for owner-occupied and rental housing; and
Whereas, George Drinkwater would qualify for said mortgage loan at a reduced Offer to Purchase price of $751 which would enable him to complete all repairs necessary to bring property into code compliance; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Department of City Development is authorized and directed to accept an Offer to Purchase said property for $751 from George Drinkwater; 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 Building Inspection Department or said property may revert back to the ownership of the City of Milwaukee upon action by the Common Council; and, be it
Further Resolved, That the proper City officials are authorized and directed to perform such acts as may be required to consummate the sale and that the proceeds remaining from the sale of surplus property after payment of commissions and other related expenses be credited to the Reserve For Tax Deficit Fund Account No. 02-211-2700.
ZDPT:
DFTR:
DCD-Real Estate
MR:jvg
07/11/97/G
CATT Estate
MR:jvg
07/11/97/G
CATT