Number
061144
Version
ORIGINAL
Reference
Sponsor
ALD. HINES
Title
Resolution declaring the City-owned vacant lots at 1922-26 and 1932-38 West Fond du Lac Avenue and 1909, 1919 and 1923 West Monroe Street surplus to municipal needs and authorizing their sale to Wisconsin Redevelopment, Inc. for housing development, in the 15th Aldermanic District.
Analysis
This resolution authorizes the sale of vacant land according to the conditions in the Land Disposition Report pursuant to Section 304-49-17, Milwaukee Code of Ordinances.
Body
Whereas, Wisconsin Redevelopment, Inc. has submitted an unsolicited offer to purchase the tax-deed vacant lots at 1922-26 and 1932-38 West Fond du Lac Avenue and 1909, 1919 and 1923 West Monroe Street to assemble the lots for an affordable housing development; and
Whereas, Section 304-49-17 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”) has reviewed the offer and the development proposal and has determined that the proposed price and redevelopment represents fair compensation to the City considering the investment in the neighborhood and contribution to the tax base; and
Whereas, DCD also recommends acceptance of the unsolicited offer since the project involves assemblage with land owned by the developer and the combined development will result in better property management, greater investment for the City and fulfillment of a development goal listed in the Fond du Lac and North Neighborhood Plan; and
Whereas, DCD submits a Land Disposition Report, a copy of which is attached to this Common Council File, describing the terms and conditions of the proposed sale; and
Whereas, The City Plan Commission determined that these lots are surplus to municipal needs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City-owned vacant lots at 1922-26 and 1932-38 West Fond du Lac Avenue and 1909, 1919 and 1923 West Monroe Street are declared surplus to municipal needs and the offer to purchase submitted by Wisconsin Redevelopment, Inc., as outlined in the Land Disposition Report, is accepted; and, be it
Further Resolved, That the Commissioner of DCD or designee is directed to execute an Option to Purchase, an Agreement for Sale, release of any deed restrictions that inhibit development and other legal documents on behalf of the City and to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the proper City officials are directed to execute an Emerging Business Enterprises Agreement with the buyer; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 25 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Reserve For Tax Deficit Fund Account No. 0001-334106.
Drafter
DCD/Real Estate
EMM:bmm
12/12/06/C