Number
030074
Version
ORIGINAL
Reference
021211
Sponsor
ALD. GORDON
Title
Resolution authorizing an agreement between the City of Milwaukee and CFSC Properties, LLC for assignment under Wisconsin Statutes Section 75.106 of the City's right to an in rem foreclosure judgment against 2605-15 West Center Street. (DCD-Real Estate)
Analysis
This resolution authorizes a contract between the City of Milwaukee and a private developer in which the City will assign under Section 75.106, Wisconsin Statutes, its right under Section 75.521, Wisconsin Statutes, to an in rem foreclosure judgment on a brownfield property in exchange for the private developer agreeing to compensate the City, remediate the site and redevelop the property according to the terms of the contract.
Body
Whereas, On January 22, 2003, by adoption of File No. 021211, the Common Council of the City of Milwaukee approved the sale of properties in the vicinity of North 27th Street, West Center Street and West Fond du Lac Avenue by the Redevelopment Authority of the City of Milwaukee ("RACM") to CFSC Properties, LLC ("CFSC") for assemblage with its adjoining properties ("Development Site") for commercial development; and
Whereas, The adjacent tax-delinquent property at 2605-15 West Center Street ("Parcel") owned by Charles Winters and Gilbert A. Williams is suitable for assemblage with the Development Site; and
Whereas, The City of Milwaukee ("City") believes that the Parcel may be environmentally impacted or a "Brownfield" based on its investigation of historical land uses and proposes to use the Brownfields redevelopment program available under Section 75.106, Wisconsin Statutes, to assign its rights to a Section 75.215, Wisconsin Statutes, in rem foreclosure judgment to CFSC; and
Whereas, The City Attorney has drafted a "75.106 In Rem Assignment Contract" ("75.106 Contract"), a copy of which is attached to this Common Council File as Exhibit A, governing the specifics of this transaction; and
Whereas, CFSC has agreed to enter into such a contract with the City and accept assignment of the City's in rem foreclosure rights in exchange for compensating the City $8,800 for the Parcel, paying current year taxes once levied, remediating the Parcel if required by the Wisconsin Department of Natural Resources, assembling the Parcel with the Development Site and constructing a multi-tenant retail building; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the 75.106 Contract between the City and CFSC is approved; and, be it
Further Resolved, That the City Treasurer and City Attorney shall prosecute Section 75.521 in rem foreclosure against the Parcel so that judgment may be assigned to CFSC per the terms of the 75.106 Contract; and, be it
Further Resolved, That the City Attorney shall complete negotiation of the 75.106 Contract with CFSC and that the proper City officials are authorized to execute said contract in substantially the form as attached to the file as Exhibit A; and, be it
Further Resolved, That in the event judgment of foreclosure is granted to CFSC as a result of the City's in rem foreclosure action against the Parcel, the net sale proceeds shall be deposited in Account No. 0110-2210-107802 to help offset the principal amount of the delinquencies against the Parcel.
Drafter
DCD-Real Estate
EMM:bmm
04/15/03/A