Number
130730
Version
ORIGINAL
Reference
Sponsor
ALD. PEREZ
Title
Resolution authorizing a Purchase and Sale Agreement with PALKO Energies, LLC for the City-owned properties at 1034-38 West National Avenue, in the 12th Aldermanic District.
Analysis
This resolution authorizes the sale of Development Property according to the conditions in a Land Disposition Report.
Body
Whereas, The Department of City Development ("DCD") listed a former warehouse and vacant lot at 1034-38 West National Avenue for sale on DCD's commercial web site; and
Whereas, DCD staff reviewed four proposals received prior to the established deadline and recommend that PALKO Energies, LLC ("PALKO") acquire and redevelop the property as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Closing will be contingent upon PALKO obtaining DCD approval of a final scope of work and evidence of firm financing; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proposal from PALKO Energies, LLC for the purchase of the properties at 1034-38 West National Avenue is approved; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute the Purchase and Sale Agreement, deed and all documents, assignments and releases, on behalf of the City, as are necessary to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the net proceeds from the sale shall be returned to the Tax Deed Fund, less all sale and marketing expenses and a 30 percent development fee to be paid to the Redevelopment Authority of the City of Milwaukee.
Drafter
DCD/Real Estate
MFH:mfh
09/24/13/B