Number
070374
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the sale of the City-owned vacant lot at 3613 North Palmer Street to Medo, LLC for industrial expansion and to dedicate a portion of the assembled property as public right-of-way, in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances, and permits the City to accept a deed to dedicate a portion of the property as public right-of-way.
Body
Whereas, Medo, LLC, which operates Medovations, Inc. at 102 East Keefe Avenue, desires to construct an addition to its adjacent industrial facility and has submitted an unsolicited offer to purchase the tax-deed vacant lot at 3613 North Palmer Street to assemble the lots for the expansion; and
Whereas, Section 304-49-7 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development (“DCD”) has reviewed the offer and the development proposal and has determined that the proposed price and redevelopment represents fair compensation to the City considering the job creation and retention, investment in the neighborhood and contribution to the tax base; and
Whereas, DCD submits herewith a Land Disposition Report, a copy of which is attached to this Common Council File, 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 Commissioner of DCD, or designee, is authorized to accept the offer to purchase submitted by Medo, LLC for the City-owned vacant lot at 3613 North Palmer Street for purchase and development as outlined in the Land Disposition Report; and, be it
Further Resolved, That the Commissioner of DCD or designee is authorized to execute a Purchase and Sale Agreement, release of any deed restrictions that inhibit development and other legal documents on behalf of the City and to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the City is authorized to accept a deed from the Buyer for dedication of a future public alley on a portion of the assembled property; and, be it
Further Resolved, That the proper City officials are authorized to execute an Emerging Business Enterprise Agreement with the Buyer; and, be it
Further Resolved, That the sale proceeds shall be credited to the Reserve For Tax Deficit Fund Account No. 0001-334106.
Drafter
DCD/Real Estate
EMM:bmm
06/19/07/A