Number
141438
Version
ORIGINAL
Reference
Sponsor
ALD. DONOVAN
Title
Resolution authorizing the sale of the City-owned property at 3126-32 West Pierce Street to 3126 Pierce LLC, in the 8th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-5, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee ("City") advertised the property at 3126-32 West Pierce Street for sale and received an offer to purchase from 3126 Pierce LLC for conversion and rehabilitation of the property into four living units as summarized in a Land Disposition Report and Due Diligence Checklist, a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-5, Milwaukee Code of Ordinances, outlines the procedures for sale of Development Property, including preparation of a Due Diligence Checklist that is attached to the Land Disposition Report; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proposal submitted by 3126 Pierce LLC for the City-owned Development Property at 3126-32 West Pierce Street is accepted; and, be it
Further Resolved, That the Commissioner of the Department of City Development ("DCD"), or designee, is authorized to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute all closing documents, including a Purchase and Sale Agreement, the deed, needed easements and releases of deed restrictions to facilitate the project; and, be it
Further Resolved, That the sale proceeds, less a 30 percent disposition fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Tax Deed Fund.
Drafter
DCD:Yves.LaPierre:ysl
12/16/14/A