Number
250890
Version
ORIGINAL
Reference
221809
Sponsor
ALD. STAMPER
Title
Resolution authorizing the sale of the City-owned tax deed property at 1515 North 12th Street, in the 15th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report, pursuant to Section 304-49-5 and 305-49-8, Milwaukee Code of Ordinance.
Body
Whereas, The City of Milwaukee (“City”) acquired 1515 North 12th Street (“the Property”), through property tax foreclosure on April 14, 2022; and
Whereas, Common Council File No. 221809 approved the Department of City Development (“DCD”) to enter into an Exclusive Right to Negotiate to Neu-Life Community Development, Inc. allowing it a period of time to fundraise, secure financing and finalize building plans; and
Whereas, Neu-Life Community Development, Inc. is the owner of all the adjacent properties within the block that 1515 North 12th Street is located and wishes to assemble all the property into a building site for a mixed-use development; and
Whereas, Neu-Life Community Development, Inc. has submitted site plans, elevations and a budget that were reviewed and approved by DCD and DCD recommends sale to Neu-Life Community Development, Inc (the “Buyer”), or its assignee, to acquire and redevelop 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 clos...
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