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File #: 231295    Version:
Type: Resolution Status: Passed
File created: 12/12/2023 In control: COMMON COUNCIL
On agenda: Final action: 1/17/2024
Effective date:    
Title: Substitute resolution authorizing the sale of the City-owned mixed-use tax-deed parcel at 3700-02 North Teutonia Avenue and the vacant lot at 3706 North Teutonia Avenue, in the 6th Aldermanic District.
Sponsors: ALD. COGGS
Indexes: CITY PROPERTY, PROPERTY SALES, VACANT LOTS
Attachments: 1. Land Disposition Report and Due Diligence Checklist, 2. Fiscal Impact Statement, 3. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
1/22/20241 MAYOR SIGNED   Action details Meeting details Not available
1/17/20241 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Video Video
1/9/20240 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE SUBSTITUTED

Minutes note: Appearing: Matt Haessly, Dept. of City Development Antwone Williams, buyer Ald. Milele Coggs, 6th Ald. Dist. Ald. Coggs was in support. Ald. Stamper moved substitution of the file with Proposed Substitute A. (Prevailed 4-0)		Pass4:0 Action details Meeting details Video Video
1/9/20241 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTIONPass4:0 Action details Meeting details Not available
12/12/20230 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

231295

Version

SUBSTITUTE 1

Reference

 

Sponsor

ALD. COGGS

Title

Substitute resolution authorizing the sale of the City-owned mixed-use tax-deed parcel at 3700-02 North Teutonia Avenue and the vacant lot at 3706 North Teutonia Avenue, in the 6th Aldermanic District.

Analysis

This substitute resolution authorizes the sale of City-owned Development Properties at 3700-02 and 3706 North Teutonia Avenue to 3706 Property Investments, LLC, according to the conditions in a Land Disposition Report.

Body

Whereas, 3706 Property Investments, LLC or its assignee seeks to develop and renovate the City-owned mixed-use building at 3700-02 North Teutonia and vacant lot at 3706 North Teutonia Avenue (the “Properties”) for a small office and three apartment units; and

Whereas, Section 304-49-4 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”) recommends the sale of the Properties to 3706 Property Investments LLC (the “Buyer”), or its assignee, to acquire and redevelop the Property as summarized in a Land Disposition Report (“LDR”) and 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, 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 fee reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.

Drafter

DCD:Matt.Haessly:mfh

01/03/24