Number
071064
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the sale of City-owned vacant lots to the Inner City Redevelopment Corporation, Inc., in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Neighborhood Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, The Inner City Redevelopment Corporation, Inc.,(“ICRC”) has offered to purchase for $1.00 each the eight City-owned vacant lots at 3353 North 2nd Street, 3235, 3256, 3334 and 3453 North 3rd Street, and 3273, 3279 and 3283 North 5th Street; and
Whereas, Section 304-49-7 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to buy property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development (“DCD”) has reviewed the offer and the development proposal and has determined that the proposed price and redevelopment represents fair compensation to the City considering the investment in the neighborhood and contribution to the tax base; and
Whereas, Sale of these lots will allow ICRC to develop phase two of the Leon Sullivan Townhouses that will provide affordable housing to Milwaukee residents; and
Whereas, DCD recommends sale of these lots with closing contingent on DCD approval of final site and building plans and evidence of firm financing; and
Whereas, The lots will be sold in “as is” condition without representations or warranties including but not limited to soil quality and subsurface conditions; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of DCD, or designee, is authorized to accept the offer to purchase submitted by the Inner City Redevelopment Corporation, Inc., for the lots listed herein; and, be it
Further Resolved, That the Commissioner of DCD or designee is authorized to execute a deed, release any deed restrictions that inhibit development and execute other legal documents on behalf of the City and to close the transaction according to the terms of the Land Disposition Report, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the Commissioner of DCD may amend the offer, after notice to the local alderman, pursuant to Section 304-49-2, Milwaukee Code of Ordinances, to substitute different City-owned lots in the target area in the event physical or title problems prevent conveyance of a lot or if additional lots become available due to tax foreclosure or termination of outstanding offers if the new lots are more suitable for ICRC’s program; and, be it
Further Resolved, That the proper City officials are authorized to execute an Emerging Business Enterprise Agreement with ICRC; and, be it
Further Resolved, That the sale proceeds shall be credited to the Reserve For Tax Deficit Fund Account No. 0001-334106.
Drafter
DCD/Real Estate
YSL:ysl
11/21/07/A