NUMB:
970028
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution accepting the Offer to Purchase the surplus, improved, tax deed property located at 2145 North 41st Street, in the 17th Aldermanic District. (Department of City Development - Real Estate)
ANLS:
- Analysis -
This resolution accepts the Offer to Purchase received for said property.
BODY:
Whereas, Said property was advertised for sale via the open listing method in accordance with the provisions of a previously adopted Common Council resolution and no acceptable offer was received; and
Whereas, Said property suffered extensive water damage to the point it was scheduled to be razed; and
Whereas, An Offer to Purchase said property was submitted by a licensed real estate broker representing Jimmy L. Pate and Pamela K. Pate, husband and wife, the buyers, at a price below the minimum reduced set price as indicated below:
2145 North 41st Street Common Council Approved Asking Price - $6,000 Minimum Reduced Set Price - $4,125 Jimmy L. Pate and Pamela K. Pate Offer - $3,000*
*Broker's commission of $750 to be deducted from Jimmy L. Pate and Pamela K. Pate Offer price; and
Whereas, Jimmy L. Pate and Pamela K. Pate desire to purchase said property for owner/occupied housing in lieu of demolition; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Department of City Development is authorized and directed to accept the Offer to Purchase said property from Jimmy L. Pate and Pamela K. Pate; and, be it
Further Resolved, That as a condition of the sale of surplus property, purchasers are required to bring property into compliance with applicable building codes within the time specified by the Building Inspection Department or said property may revert back to the ownership of the City of Milwaukee upon action by the Common Council; and, be it
Further Resolved, That the proper City officials are authorized and directed to perform such acts as may be required to consummate the sale and that the proceeds remaining from the sale of surplus property after payment of commissions and other related expenses be credited to the Reserve For Tax Deficit Fund Account No. 02-211-2700.
ZDPT:
DFTR:
DCD-Real Estate
MR:jvg
04/22/97/N
CATTEstate
MR:jvg
04/22/97/N
CATT