Number
260304
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution authorizing the sale of the City-owned tax deed property at 3068 North Teutonia Avenue, in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property 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 property at 3068 North Teutonia Avenue (the “Property”) through property tax foreclosure on December 16, 2022; and
Whereas, DCD accepted an unsolicited Proposal to Purchase the Property and DCD recommends sale to 3706 Property Investments, LLC (the “Buyer”), or its assignee, to acquire and combine the Property with the abutting improved parcel at 3074 North Teutonia Avenue, 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 property, contingent on BOZA approval of the Daycare Center located at 3074 North Teutonia Avenue, 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 owned; 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
06/23/26/D