NUMB:
000002
VERS:
SUBSTITUTE 1
REF:
990948
XXBY:
The Chair
TITL:
Substitute resolution transmitting an evaluation and analysis of initial offers to purchase City parking structures for review and approval, authorizing the Commissioner of Public Works to proceed with sale condition negotiations consistent with a cooperation agreement with the Redevelopment Authority of the City of Milwaukee contained in File 000003.
ANLS:
-ANALYSIS-
This resolution transmits an evaluation and analysis of initial offers to purchase City parking structures by the Budget Office and by the City Comptroller and authorizes the Commissioner of Public Works to negotiate sale conditions for four City parking structures consistent with a cooperation agreement with the Redevelopment Authority of the City of Milwaukee contained in companion File 000003. Common Council approval of the final sale conditions would be required.
BODY:
Whereas, File 990948, approved by the Common Council on December 17, 1999, authorized the Commissioner of Public Works to release a Request for Proposals for the sale of three City parking structures and to enter into negotiations with the current lessees of two City parking structures having rights of first refusal for the purpose of securing bids of interest for such structures; and
Whereas, The Commissioner of Public Works has received two bids for the purchase of three City Parking structures and has secured a preliminary bid of interest from the party with right of first refusal for the City parking structure located at 1000 N. Water Street; and
Whereas, The offers to purchase have been evaluated and analyzed by the Budget Office and by the City Comptroller, using the methodology described in File 990948; and
Whereas, The two analyses have been distributed to members of the Evaluation committee identified in File 990948; and
Whereas, The Commissioner of Public Works has provided evidence satisfactory to the Common Council that further negotiations could result in the sale of the four parking structures for a price sufficient to retire debt service associated with parking structures and provide a cash contribution to the City general fund; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of Public Works is authorized to proceed with negotiation of final sale conditions for the four parking structures consistent with the cooperation agreement with the Redevelopment Authority of the City of Milwaukee contained in File 000003; and, be it
Further Resolved, That the final sale price and conditions shall be subject to an analysis by the City Comptroller, Budget Director, Fiscal Review Manager, Director of the Department of City Development and members of the Common Council, with advice from the City Attorney; and, be it
Further Resolved, That once final sale conditions have been negotiated, the terms of such sales shall be presented to the Common Council for approval.
DFTR:
CityAtty
HAS:cma
05/22/00
Rampeval.res
File 000002v2