Number
010446
Version
ORIGINAL
Reference
001551
Sponsor
THE CHAIR
Title
Resolution accepting an Offer to Purchase for the surplus property at 1601-05 East Warnimont Avenue, in the 14th Aldermanic District. (DCD)
Analysis
This resolution will permit the Department of City Development to accept an Offer to Purchase in an amount below the guidelines for the open listing method.
Body
Whereas, Common Council File No. 001551, adopted on March 20, 2001, declared the improved, tax-deed property at 1601-05 East Warnimont Avenue surplus to municipal needs and directed that the Department of City Development ("DCD") sell the property via the open listing method with an asking price of $120,000; and
Whereas, During the listing period, the property was vandalized and several potential buyers withdrew their submitted Offers after they learned of the property's condition; and
Whereas, The highest remaining Offer based on the property's vandalized condition was submitted by Frank J. Horvat in the amount of $82,500, but the offering price is below the guidelines for DCD acceptance adopted for the open listing sale method; and
Whereas, The DCD has determined that the offering price is reasonable based on the property's current condition and recommends acceptance of the Offer; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Department of City Development is authorized to accept the Offer to Purchase submitted by Frank J. Horvat in the amount of $82,500 and to close the transaction in accordance with the terms and conditions of the Offer to Purchase; and, be it
Further Resolved, That in the event Frank J. Horvat fails to acquire the property within the time period specified in the Offer to Purchase, the DCD is directed to readvertise the property via the open listing method with a listing price of $82,500.
Drafter
DCD:KT:kt
07/17/01/E