Number
040466
Version
ORIGINAL
Reference
010782
Sponsor
ALD. D'AMATO
Title
Resolution authorizing the sale of the City-owned properties at 2941-55, 2963 and 3009 North Humboldt Boulevard to Alterra Coffee Roasters, Inc. in the 3rd Aldermanic District.
Analysis
This resolution will amend the disposition of the surplus properties at 2941-55 and 2963 North Humboldt Boulevard, will declare the tax-deed property at 3009 North Humboldt Boulevard surplus to municipal needs and will permit the City of Milwaukee to convey the properties according to the conditions in the Land Disposition Report.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) previously approved the surplus declaration of the properties at 2941-55 and 2963 North Humboldt Boulevard and authorized sale of said properties to Rainmaker Enterprises by adoption of File No. 010782 on October 12, 2001; and
Whereas, When Rainmaker Enterprises failed to close the transaction, the Department of City Development (“DCD”) canceled the sale and solicited a Request for Proposal for the purchase and development of the site; and
Whereas, One proposal was received from Alterra Coffee Roasters, Inc. (“Alterra”) and DCD staff recommends acceptance of the proposal as outlined in the Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, The City of Milwaukee (“City”) also recently acquired through tax foreclosure the property at 3009 North Humboldt Boulevard that is suitable for incorporation in the Alterra project contingent upon remediation of the environmental conditions; and
Whereas, The City has obtained funding from the Environmental Protection Agency and the Wisconsin Department of Commerce to remediate the site; and
Whereas, The City Plan Commission has determined that the property at 3009 North Humboldt Boulevard is surplus to municipal needs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City-owned lot at 3009 North Humboldt Boulevard is declared surplus to municipal needs and that the development proposal of Alterra Coffee Roasters, Inc. for this and the surplus, City-owned properties at 2941-55 and 2963 North Humboldt Boulevard is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute an Option to Purchase, Agreement for Sale and deed on behalf of the City and to close the transaction according to the terms of the Land Disposition Report conditioned on DCD approval of the final building plans and receipt of a firm financing commitment; and, be it
Further Resolved, That the proper City officials and/or Commissioner of DCD, or designee, are authorized to execute any other legal documents necessary to close the transaction including any required easements; and, be it
Further Resolved, That the net proceeds from the sale shall be deposited in the Reserve For Tax Deficit Fund Account No. 0001-334106, less sale expenses and a 20 percent development fee to be paid to the Redevelopment Authority of the City of Milwaukee.
Drafter
DCD-Real Estate
EMM:bmm
07/27/04/A