Number
240660
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution approving a Land Disposition Report and authorizing the sale of City-owned properties at 3510, 3514, 3516-18, 3526-A, 3534, 3538 and 3602-A West Vliet Street and 1415 North 35th Street, in the 15th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Properties according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired multiple parcels on West Vliet Street (“the Properties”) through property tax foreclosure; and
Whereas, Vliet Street Development, LLC (“Buyer”) is the owner of two privately-owned parcels within the block of 3500 West Vliet Street and wishes to assemble its property with adjacent City Properties as summarized in a Land Disposition Report and Due Diligence Checklist, copies of which are attached to this Common Council File; and
Whereas, Section 304-49-8 of the Milwaukee Code of Ordinances allows the 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”) has reviewed the offer and the development proposal form the Buyer and has determined that the offer and proposal represent fair compensation to the City in terms of the purchase price and investment in the neighborhood; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the offer submitted by Vliet Street Development, LLC is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Purchase and Sale Agreement, 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 Land Disposition Report and this resolution; and, be it
Further Resolved, That the sa...
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