Number
140727
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the Redevelopment Authority acquisition of the Youvraj Group, LLC property at 2630 West Wisconsin Avenue a/k/a 714 North 27th Street, in the 4th Aldermanic District, and authorizing the City to enter into a three-party agreement with the Avenues West Business Improvement District and the Redevelopment Authority regarding same.
Analysis
Adoption of this substitute resolution by the Common Council will approve the acquisition of the Youvraj Group, LLC owned property by the Redevelopment Authority using the procedures set forth in Wisconsin Statutes, Section 66.1333, and City entry into an agreement with the Redevelopment Authority and the Avenues West Business Improvement District regarding the City’s contribution toward the Redevelopment Authority’s acquisition cost and the BID‘s contribution toward the demolition cost and preparing 2630 West Wisconsin Avenue (714 North 27th Street) for development.
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (“RACM”) and Youvraj Group, LLC (“Youvraj”) entered into a Purchase and Sale Agreement dated July 31, 2014 (the “PASA”), a copy of which is attached to this Common Council File, and whereby, subject to RACM and City of Milwaukee (“City”) Common Council approval, and ratification of DCD Commissioner/RACM Executive Director Marcoux’s signature on behalf of RACM, RACM agreed to buy from Youvraj the property at 2630 West Wisconsin Avenue (a/k/a 714 North 27th Street), Milwaukee (the “Parcel”) upon which there currently exists a Mobil gas station; and
Whereas, Under the PASA, closing is scheduled to take place on or before October 24, 2014; and
Whereas, The Parcel is within the designated boundaries of a proposed project area, the Avenues West Redevelopment Project Area (the “Project Area”), which boundaries and Project Area were approved by RACM via Resolution No. 9780 (adopted December 15, 2...
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