NUMB:
971513
VERS:
ORIGINAL
REF:
970532
XXBY:
THE CHAIR
TITL:
Resolution amending the method of disposition for the surplus, improved, tax deed property located at 2863 North 1st Street, in the 6th Aldermanic District. (DCD-Real Estate)
ANLS:
- Analysis -
This resolution directs the Department of City Development to solicit proposals for the purchase and restoration of this historically significant property.
BODY:
Whereas, The City of Milwaukee, in Common Council File No. 970532, adopted on July 25, 1997, authorized and directed the sale of 2863 North 1st Street via the open listing method and no offers to purchase were subsequently received; and
Whereas, The Department of City Development has researched the important history of this property and because of the age of the structure and the locally significant ownership of it, recommends that the property be readvertised for sale for $1.00 in lieu of demolition; and
Whereas, In the interest of protecting the property from further deterioration and getting it into redevelopment in the most expedient manner, the Department of City Development has requested authorization to formally solicit restoration proposals and evaluate them based upon the following criteria:
1. Adherence of regulatory guidelines for the restoration of historic properties and to such other unique standards for this property as may be prescribed by the Department of City Development.
2. The overall quality of landscape and building restoration plans.
3. The level of investment contemplated and the soundness of cost estimates.
4. The demonstrated technical and financial ability of the purchaser to undertake and complete the project.
5. The schedule for completion of the project.
6. The purchaser's willingness to seek local landmark designation from Milwaukee's Historic Preservation Commission.
7. Whether or not the purchaser will occupy the property as a personal residence or commit it to public educational use, for example, preserved as a landmark for viewing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Commissioner of the Department City Development is authorized and directed to solicit proposals for the purchase and renovation of the historically significant property located at 2863 North 1st Street; and, be it
Further Resolved, That the Commissioner of the Department of City Development is authorized and directed to evaluate proposals based upon the evaluation criteria set forth above and such other relevant criteria as may be deemed appropriate; and, be it
Further Resolved, That the Commissioner of the Department of City Development is authorized and directed to close the sale with the most qualified purchaser without further Common Council action, subject to satisfactory review of final restoration plans and upon receipt of firm financing commitments adequate in all respects to undertake and complete the project; and, be it
Further Resolved, That in the event the purchaser fails to perform in accordance with the terms of the proposal and sale contract, title may be revested in the name of the City of Milwaukee pursuant to a reversionary clause to be included in the deed.
ZDPT:
DFTR:
DCD-Real Estate
MR:jvg
01/20/98/G