Number
161082
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution approving a Land Disposition Report and authorizing the sale of the City-owned properties at 3104, 3116 and 3120 North Dr. Martin Luther King Jr. Drive, in the 6th 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 Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) owns 3104, 3116 and 3120 North Dr. Martin Luther King Jr. Drive (the “Property”); and
Whereas, The Department of City Development (“DCD”) advertised the Property for sale on its website and through MLS in mid-2016; and
Whereas, DCD staff accepted offers on a continuous basis until an acceptable offer was received and DCD recommends sale to HeartLove Place (“Buyer”) to acquire and redevelop the Property as summarized in a Land Disposition Report and a Due Diligence Checklist, copies of which are attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report is approved and DCD is authorized to enter into a Purchase and Sale Agreement with the Buyer, materially consistent with the Land Disposition Report, and then convey the Property to the Buyer in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Purchase and Sale Agreement, deed and requisite closing documents and to close the transaction and take such actions, as may be needed, to effectuate the terms of the Land Disposition Report and this resolution; and, be it
Further Resolved, That the sale proceeds, less sale and marketing expenses and a 30 percent disposition fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD:Matt.Haessly:mfh
11/29/16