Number
260175
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 3276-78 North Holton 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 Sections 304-49-3-b-1 and 304-49-6, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 3276-78 North Holton Street (the “Property”) on April 6, 2021 through property tax foreclosure; and
Whereas, The Department of City Development (“DCD”) advertised the Property for sale on its website and through MLS; and
Whereas, DCD received and reviewed two proposals and recommends acceptance of the proposal from Home Hab Ltd. Co., (“Buyer”), or assignee, to acquire and redevelop the Property as summarized in a Land Disposition Report (“LDR”) and a 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 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
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, deed, and requisite closing documents and 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 at Closing, subtracted from the sale proceeds and retained by the City of Milwaukee will be the amount of property taxes, interest, and fees owed; and all costs 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:Dwayne.Edwards:dke
06/02/26/A