NUMB:
970992
VERS:
ORIGINAL
REF:
970592
XXBY:
THE CHAIR
TITL:
Resolution accepting the Offer of C.G. Schmidt Incorporated, or assigns, to Purchase property identified as 11701 West Lake Park Drive, Tax Key No. 076-0073-7, from the City of Milwaukee. (DCD)
ANLS:
- Analysis -
This resolution authorizes acceptance of the Offer of C.G. Schmidt Incorporated to Purchase a 3.66 acre parcel located at 11701 West Lake Park Drive in the Park Place office development. C.G. Schmidt intends to construct a 15,000 square foot headquarters office facility on this site.
BODY:
Whereas, The City of Milwaukee ("City") acquired certain property from Trammell Crow/Badger III as part of the Park Place UDAG Settlement Agreement dated December 29, 1993 (the "Settlement Agreement"); and
Whereas, The City and the Milwaukee Economic Development Corporation ("MEDC") entered into the Second Cooperation Agreement for the Northwest Business Center UDAG (the "Cooperation Agreement") on December 29, 1993, pursuant to Common Council File No. 921579, adopted December 22, 1993; and
Whereas, The Cooperation Agreement designated MEDC as the City's agent for implementation of the Settlement Agreement and disposition of the real estate and payments made pursuant thereto; and
Whereas, The City and MEDC have authorized execution of the Cooperation Agreement for Land Resource Development, pursuant to Common Council File No. 970592, adopted September 23, 1997; and
Whereas, The Land Resource Development Cooperation Agreement contemplates, among other things, the transfer of the Settlement Agreement property to MEDC; and
Whereas, C.G. Schmidt Incorporated, or assigns, has offered to purchase certain Settlement Agreement property from the City in the amount of $348,000 according to the terms and conditions of the Offer to Purchase, a copy of which is attached to this Common Council File; and
Whereas, The City Plan Commission has approved acceptance of said Offer; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that said Offer of C.G. Schmidt Incorporated is accepted and that the proper City officials are authorized and directed to perform such acts as may be required to consummate the sale, the disposition of proceeds and the payment of title insurance preliminary report and other incidental expenses; and, be it
Further Resolved, That the net sale proceeds be credited to the MEDC for use in accordance with the Cooperation Agreements cited above; and that MEDC is authorized to pay costs incidental to the sale out of funds provided through the Settlement Agreement, including the proceeds of this sale.
ZDPT:
DFTR:
DCD/JLG/mjg
10/07/97/B