Number
061018
Version
SUBSTITUTE 1
Reference
031163
Sponsor
ALD. KOVAC
Title
Substitute resolution relating to the sale of surplus property at 1136-46 East North Avenue to 1150 North, LLC for mixed-use development, in the 3rd Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-5 and 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, By adoption of File No. 031163, the Common Council of the City of Milwaukee declared the City Ward Yard at 1136-46 East North Avenue surplus to municipal needs and authorized a six-month Option to Purchase with Readco, LLC (“Readco”) to purchase and redevelop the property; and
Whereas, Readco did not acquire the property as outlined in File No. 031163 due to market conditions and the demands of developing a UW-Milwaukee dormitory on its adjacent property, but continued to work on a development proposal for the site; and
Whereas, Readco has formed a new limited liability company, 1150 North, LLC (“Developer”), and has submitted new plans to assemble the City Ward Yard property with its adjacent properties at 1132 and 1164 East North Avenue to develop a market rate apartment building with a ground-floor retail component as summarized in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-5 of the Milwaukee Code of Ordinances allows the City to sell Development Property with Common Council approval, and Section 304-49-7 allows the City, with Common Council approval, to sell City lands to designated persons for adequate fair market consdiration, which includes monetary and non-monetary consideration; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Department of City Development (“DCD”), in consultation with the City Attorney’s Office, is authorized to negotiate and enter into a Purchase and Sale Agreement with the Developer and to convey said property to the Developer for the project, consistent with the LDR, which LDR and transaction reflect the fair compensation to the City in terms of the purchase price and investment in the neighborhood, and that assemblage of the City property with the adjacent properties results in a better development than if the City Ward Yard was sold independently; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute the Purchase and Sale Agreement, deed and all needed closing documents, including any needed easements and/or releases of deed restrictions; and, be it
Further Resolved, That the proceeds from the sale, less closing expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be deposited in the City of Milwaukee’s General Fund.
Drafter
DCD:MFH:mfh
11/16/11