Number
241878
Version
ORIGINAL
Reference
Sponsor
ALD. JACKSON
Title
Resolution authorizing the sale of four City-owned tax-deed vacant lots at 3033-37, 3039-41, 3043 and 3051 North 35th Street, in the 7th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property to Ahmad Properties, LLC according to the conditions in a Land Disposition Report.
Body
Whereas, Ahmad Properties, LLC or its assignee seeks to develop and renovate the City-owned parcels at 3033-37, 3039-41, 3043 and 3051 North 35th Street (the “Properties”) that when combined with the Buyer’s adjacent property will bring about the expansion of a small retail grocery store and additional parking for its businesses; 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 sale to Ahmad Properties, LLC (the “Buyer”), or its assignee, to acquire and redevelop the Properties as summarized in a Land Disposition Report (“LDR”) and a 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, or assignee, 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, less sale and marketing expenses and a 30 perc...
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