Number
221124
Version
ORIGINAL
Reference
86-1316-a
Sponsor
ALD. BAUMAN
Title
Resolution approving the Land Disposition Report and conveyance of the Redevelopment Authority of the City of Milwaukee property at 406 North Plankinton Avenue, in the 4th Aldermanic District.
Analysis
This resolution authorizes the conveyance of the Redevelopment Authority of the City of Milwaukee-owned property to Foxtown MKE, LLC for development 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, On December 11, 1986, the Redevelopment Authority of the City of Milwaukee (“RACM”) adopted File No. 6015 and the Common Council of the City of Milwaukee (“Common Council”) adopted Common Council File No. 86-1316-a approving the Redevelopment Plan for the 444 North Plankinton Avenue Project Area; and
Whereas, The property located at 406 North Plankinton Avenue (the “Property”) was a remnant parcel created as a result of the design and construction of the West Saint Paul Avenue Bridge and North Plankinton Avenue off-ramp and was one of three parcels within the Redevelopment Plan boundary; and
Whereas, The Property was transferred from the City of Milwaukee (“City”) to the RACM in January 1987 due to the 444 North Plankinton Avenue Urban Renewal Plan and the potential for development; and
Whereas, The Redevelopment Plan expired in 2006; however, the Plan Objectives are still of interest in this development including (1) eliminating blighting influences which detract from the general appearance of the area; (2) promoting multi-use non-residential development; (3) promoting development of the Riverwalk system; and (4) generating employment opportunities for city residents; and
Whereas, This resolution will permit RACM to convey said Property to the adjoining property owner to develop the adjacent property and the Property with a new commercial building and Riverwalk as summarized in the Land Disposition Report (“LDR”) and Due Diligence Checklist, copies of which are part of this Common Council File; and
Whereas, On November 17, 2022, the RACM Board passed a resolution approving conveyance of said RACM Property for this development; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the LDR is approved and that the proper RACM and City officials are authorized to negotiate and enter into an Offer to Purchase with Foxtown MKE, LLC (the “Buyer”), or assignee, for conveyance of the Property to the Buyer in substantial accordance with the LDR and to close the transaction and to take such further actions, as may be required, to effectuate the intent of this resolution; and, be it
Further Resolved, That the sale proceeds shall be credited to the appropriate RACM account.
Drafter
DCD:Dave.Misky:dpm
11/22/22/A