Number
151678
Version
SUBSTITUTE 1
Reference
151702
Sponsor
THE CHAIR
Title
Substitute resolution relating to the sale of Milwaukee Public Schools property.
Analysis
This substitute resolution authorizes the sale of the former Centro del Nino school property, 500 East Center Street, to Right Step Inc. and establishes the terms of the sale according to the Land Disposition Report.
Body
Whereas, The former Centro del Nino school (the “Property”), located at 500 East Center Street in the 6th Aldermanic District, was declared surplus by the Milwaukee Board of School Directors in 2012; and
Whereas, Section 119.61, Wisconsin Statutes, requires that the City Clerk (the “Clerk”) must post public notice of available surplus Milwaukee Public Schools property for 24 consecutive months and, during that period, such property may be sold only to education operators as determined by the Common Council of the City of Milwaukee (the “Council”); and
Whereas, Notice of the availability of the Property was posted on the City’s web site beginning January 26, 2016; and
Whereas, Two parties submitted letters of interest (“LOI”) to the Clerk seeking to purchase the property; and
Whereas, File No. 151702, adopted by the Council on April 15, 2016, found that Right Step Inc. (the “Buyer”), one of the two parties submitting an LOI for the Property, was an education operator, and further finding that the other party submitting an LOI was not an education operator; and
Whereas, The Buyer subsequently submitted an offer to purchase the Property for $223,000; and
Whereas, The offer price matches the appraised value of the Property as established by an independent appraisal completed by The Nicholson Group LLC in May, 2016; and
Whereas, The Buyer proposes to invest $75,000 in property renovations; and
Whereas, The Department of City Development (“DCD”) has reviewed the offer and development proposal from the Buyer and has determined that the offer and proposal represent fair c...
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