Number
231295
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution authorizing the sale of the City-owned mixed-use tax-deed parcel at 3700-02 North Teutonia Avenue and the vacant lot at 3706 North Teutonia Avenue, in the 6th Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Properties at 3700-02 and 3706 North Teutonia Avenue to 3706 Property Investments, LLC, according to the conditions in a Land Disposition Report.
Body
Whereas, 3706 Property Investments, LLC or its assignee seeks to develop and renovate the City-owned mixed-use building at 3700-02 North Teutonia and vacant lot at 3706 North Teutonia Avenue (the “Properties”) for a small office and three apartment units; and
Whereas, Section 304-49-4 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development (“DCD”) recommends the sale of the Properties to 3706 Property Investments LLC (the “Buyer”), or its assignee, to acquire and redevelop the Property as summarized in a Land Disposition Report (“LDR”) and 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 Properties to the Buyer, 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 the sale proceeds...
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