Number
140457
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DONOVAN
Title
Substitute resolution authorizing the sale of the City-owned tax deed property at 2034-38 West Greenfield Avenue to K.B. Co. Investments, Inc., or assignee, in the 8th Aldermanic District.
Analysis
This substitute 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 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 2034-38 West Greenfield Avenue through property tax foreclosure on July 26, 2010; and
Whereas, The Department of City Development (“DCD”) advertised the mixed-use building for sale; and
Whereas, DCD received and reviewed one proposal by the established deadline and recommends acceptance of the proposal from K.B. Co. Investments, Inc., (“KBCI”) or assignee, to acquire and redevelop the property, as summarized in a Land Disposition Report and a Due Diligence Checklist, 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 Land Disposition Report is approved and that DCD is directed to enter into a Purchase and Sale Agreement with KBCI, or assignee, materially consistent with the Land Disposition Report, and then convey the property at 2034-38 West Greenfield Avenue to KBCI in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is directed to sign the Purchase and Sale Agreement, deed and requisite closing documents and to close the transaction and take such actions, as may be needed, to effectuate the terms of the Land Disposition Report and this resolution; and, be it
Further Resolved, That the sale proceeds, less sale expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD...
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