Number
251005
Version
ORIGINAL
Reference
120272
Sponsor
ALD. COGGS
Title
Resolution authorizing the sale of the City-owned tax-deed property at 401 Adjacent East Nash Street, in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report, pursuant to Section 304.49-3-b-1 and 305-49-11, Milwaukee Code of Ordinance.
Body
Whereas, The City of Milwaukee (“City”) acquired 401 Adjacent East Nash Street (the “Remnant Property”), through property tax foreclosure on July 26, 2010; and
Whereas, Common Council File No. 120272 authorized the Department of City Development (“DCD”) to convey the Remnant Parcel to Compo Steel Products, Inc., the adjoining property owner at 326 East Keefe Avenue; and
Whereas, The closing with Compo Steel Products, Inc. did not occur and in 2019 Compo Steel Products, Inc. sold its property to Tramont Investment, LLC; and
Whereas, Tramont Investment, LLC. desires to acquire the Remnant Parcel so that both parcels can be assembled as one Property; and
Whereas, Tramont Investment, LLC, (the “Buyer”), or its assignee, in order to acquire is willing to accept title to the remnant parcel for nominal consideration; as summarized in a Land Disposition Report (“LDR”) and Due Diligence Checklist (“DDC”), 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 LDR and DDC are approved and that DCD is authorized to enter into a Purchase and Sale Agreement (“PASA”) with the Buyer, or assignee, materially consistent with the LDR and then convey the property to the Buyer, or assignee, in accordance therewith; and, be it
Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, deed and requisite closing documents to close the transaction and to take such actions as may be needed to effectuate the terms of the LDR and this resolution; and, be it
Further Resolved, That the sale proceeds at closing, subtracted from the sale proceeds and retained by the City will be the amount of property taxes, interest, and fees owed, and all cost and expenses incurred. Retained funds will be distributed between the Redevelopment Authority of the City of Milwaukee and the City’s Tax Deficit Fund, with the balance of the proceeds, if any, to be returned to the former owner.
Drafter
DCD:Rosita.Ross:rr
10/14/25/A