Number
251477
Version
ORIGINAL
Reference
Sponsor
ALD. JACKSON
Title
Resolution authorizing the sale of and approving a Land Disposition Report for the City-owned tax deed property at 3743 North 35th Street to Connect the Dots Property Investments, LLC, in the 7th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Property at 3743 North 35th Street according to the conditions in a Land Disposition Report pursuant to Section 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 3743 North 35th Street (the “Property”), through property tax foreclosure on October 8, 2012; and
Whereas, The Department of City Development (“DCD”) accepted an unsolicited Proposal to Purchase the Property to use as a parking lot and the rear breezeway unit for storage and DCD recommends sale to Connect the Dots Property Investments, LLC (the “Buyer”), or its assignee, to acquire the Property as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist (“DDC”), copies of which are attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the LDR and DDC are approved and that DCD is authorized to enter into a Purchase and Sale Agreement (“PASA”) with the Buyer, or assignee, materially consistent with the LDR and then convey the property to the Buyer, or assignee, in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, deed and requisite closing documents and to close the transaction and to take such actions as may be needed to effectuate the terms of the LDR and this resolution; and, be it
Further Resolved, That at closing, subtracted from the sale proceeds and retained by the City will be the amount of property taxes owed, interest and fees, and all costs and expenses incurred. Retained funds will be distributed between the Redevelopment ...
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