Number
010782
Version
SUBSTITUTE 1
Reference
000417
Sponsor
ALD. D'AMATO
Title
Substitute resolution relative to the sale of the surplus, improved, tax-deed property at 2941-55 North Humboldt Boulevard and to declare the tax-deed property at 2963 North Humboldt Boulevard surplus to municipal needs and authorizing an Option to Purchase for both properties with Rainmaker Enterprises, Inc. for commercial reuse in the 3rd Aldermanic District. (DCD-Real Estate)
Analysis
This substitute resolution amends the proposed use of the property at 2941-55 North Humboldt Boulevard and declares the tax-deed property at 2963 North Humboldt Boulevard surplus to municipal needs and permits the City of Milwaukee to convey the properties according to the conditions in the Land Disposition Report.
Body
Whereas, In Common Council File No. 000417, adopted on July 25, 2000, the Common Council of City of Milwaukee declared the property at 2941-55 North Humboldt Boulevard surplus to municipal needs and authorized the acceptance of an Offer to Purchase from Rainmaker Enterprises, Inc., also known as Andy Busalacchi, for the majority of the property for residential redevelopment; and
Whereas, Residential redevelopment of the property is not feasible and Rainmaker Enterprises, Inc. did not close according to the terms of the Offer to Purchase; and
Whereas, Rainmaker Enterprises, Inc. has submitted a revised proposal for commercial development that incorporates its adjacent property at 1001 East Chambers Street and the City-owned property at 2963 North Humboldt Boulevard that was recently acquired by the City of Milwaukee ("City") through tax foreclosure; and
Whereas, The City Plan Commission has determined that the property at 2963 North Humboldt Boulevard is surplus to municipal needs; and
Whereas, The Department of City Development ("DCD") recommends authorization of an Option to Purchase as outlined in the Land Disposition Report, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the tax-deed property at 2963 North Humboldt Boulevard is declared surplus to municipal needs and that the development proposal of Rainmaker Enterprises, Inc. for this and the adjoining surplus, tax-deed property at 2941-55 North Humboldt Boulevard is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or her designee, is authorized to execute an Option to Purchase, Agreement for Sale and Deed on behalf of the City and to close the transaction according to the terms of the Land Disposition Report conditioned on DCD approval of the final building plans and receipt of a firm financing commitment; and, be it
Further Resolved, That the proper City officials and/or Commissioner of DCD, or her designee, are authorized to execute any other legal documents necessary to close the transaction including any required easements; and, be it
Further Resolved, That the net proceeds from the sale shall be deposited in the Reserve For Tax Deficit Fund Account No. 0001-334106, less a 15 percent development fee to be paid to the Redevelopment Authority of the City of Milwaukee.
Drafter
DCD-Real Estate
GJS:bmm
09/27/01