Number
260973
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution authorizing the sale of the City-owned tax deed properties at 4600 North Hopkins Street and 4622 North Hopkins Street, in the 1st Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Properties according to the conditions in a Land Disposition Report pursuant to Section 304-49-3-b-1 and 304-49-6, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired the remnant property at 4600 North Hopkins Street Avenue on April 7, 1943 and the property at 4622 North Hopkins Street on September 15, 2014 (the “Properties”) through property tax foreclosure; and
Whereas, DCD accepted an unsolicited Proposal to Purchase the Properties and DCD recommends sale to A & K Home Investment, LLC (the “Buyer”), or its assignee, to acquire and combine the Properties with the abutting improved parcel at 4612 North Hopkins Street, as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist (“DDC”), 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 LDR and DDC are approved and that DCD is authorized to enter into a Purchase and Sale Agreement (“PASA”) with the Buyer, or assignee, materially consistent with the LDR and then convey the properties, to the Buyer, or assignee, in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, 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 LDR and this resolution; 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:Rosita.Ross:rr
11/04/26/B