Number
030450
Version
ORIGINAL
Reference
000829
Sponsor
ALD. SANCHEZ
Title
Resolution amending the disposition of the surplus, tax-deed vacant lot at 1017-19 West National Avenue to authorize its sale to the Hispanic Chamber of Commerce, Inc., in the 12th Aldermanic District. (DCD-Real Estate)
Analysis
This resolution will amend the disposition of a surplus, tax-deed vacant lot.
Body
Whereas, In File No. 000829 adopted on November 28, 2000, the Common Council of the City of Milwaukee approved the surplus declaration of the tax-deed vacant lot at 1017-19 West National Avenue and authorized its sale to Walker's Point Development Corporation for development of a parking lot for its adjacent building at 1021-25 West National Avenue; and
Whereas, Walker's Point Development Corporation did not satisfy the terms of its Offer to Purchase, did not acquire the City-owned vacant lot and subsequently sold its building to the Hispanic Chamber of Commerce, Inc. (“HCC”); and
Whereas, HCC has razed the building and has proposed to acquire said lot for $1.00 and assemble it with its adjacent property for construction of an office building containing approximately 8,000 square feet above grade that will house its new headquarters; and
Whereas, The Department of City Development (“DCD”) recommends acceptance of said offer with closing contingent upon 1) approval of final site and building plans by a plan examiner, 2) submission of a firm financing commitment for the full project as proposed and 3) closing within 90 days from the date of adoption of this resolution; and
Whereas, DCD has provided HCC with a Phase I Environmental Assessment that did not recommend any Phase II testing and proposes to sell the lot for $1.00 in “as is” condition without representations or warranties including but not limited to soil quality and subsurface condition; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of the Department of City Development is authorized to accept the Offer to Purchase from the Hispanic Chamber of Commerce, Inc., and to perform all acts necessary to close the transaction and to carry out the intent of this resolution with the sale proceeds credited to the Reserve For Tax Deficit Fund, Account No. 0001-334106.
Drafter
DCD-Real Estate
SS:ss
07/15/03/B