Number
241983
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution authorizing the sale of the City-owned tax deed property at 4926 North 32nd Street and 4930 North 32nd 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 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired the improved property at 4926 North 32nd Street through property tax foreclosure on December 13, 2017; and acquired the vacant lot at 4930 North 32nd Street thorough property tax foreclosure on February 5, 2018 that together are (the “Properties”) and
Whereas, The Department of City Development (“DCD”) advertised the Properties for sale on its website and through MLS; and
Whereas, DCD accepted offers on a continuous basis until an acceptable offer was received and DCD recommends sale to IV Generations Holdings, LLC (the “Buyer”), or its assignee, to acquire and redevelop the Properties 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 the sale proceeds, less sale and marketing expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD:Rosita.Ross:rr
04/22/25/D