City of Milwaukee - File #: 970992

• File #: 970992
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 10/14/1997
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 11/4/1997
• Title: Resolution accepting the Offer of C.G. Schmidt Incorporated, or assigns, to Purchase property identified as 11701 West Lake Park Drive, Tax Key No. 076-0073-7, from the City of Milwaukee. (DCD)
• Sponsors: THE CHAIR
• Indexes: ECONOMIC DEVELOPMENT, INDUSTRIAL LAND BANKS, LAND BANKS, PROPERTY SALES

Date	Ver.	Action By	Action	Result	Tally
11/6/1997	0	MAYOR	SIGNED	Pass
11/4/1997	0	COMMON COUNCIL	ADOPTED	Pass	16:0
10/27/1997	0	ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
10/15/1997	0	ECONOMIC DEVELOPMENT COMMITTEE	REFERRED TO
10/14/1997	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
970992
VERS:
ORIGINAL
REF:
970592
XXBY:
THE CHAIR
TITL:
Resolution accepting the Offer of C.G. Schmidt Incorporated, or assigns, to Purchase property identified as 11701 West Lake Park Drive, Tax Key No. 076-0073-7, from the City of Milwaukee. (DCD)
ANLS:
- Analysis -

This resolution authorizes acceptance of the Offer of C.G. Schmidt Incorporated to Purchase a 3.66 acre parcel located at 11701 West Lake Park Drive in the Park Place office development. C.G. Schmidt intends to construct a 15,000 square foot headquarters office facility on this site.
BODY:
Whereas, The City of Milwaukee ("City") acquired certain property from Trammell Crow/Badger III as part of the Park Place UDAG Settlement Agreement dated December 29, 1993 (the "Settlement Agreement"); and

Whereas, The City and the Milwaukee Economic Development Corporation ("MEDC") entered into the Second Cooperation Agreement for the Northwest Business Center UDAG (the "Cooperation Agreement") on December 29, 1993, pursuant to Common Council File No. 921579, adopted December 22, 1993; and

Whereas, The Cooperation Agreement designated MEDC as the City's agent for implementation of the Settlement Agreement and disposition of the real estate and payments made pursuant thereto; and

Whereas, The City and MEDC have authorized execution of the Cooperation Agreement for Land Resource Development, pursuant to Common Council File No. 970592, adopted September 23, 1997; and

Whereas, The Land Resource Development Cooperation Agreement contemplates, among other things, the transfer of the Settlement Agreement property to MEDC; and

Whereas, C.G. Schmidt Incorporated, or assigns, has offered to purchase certain Settlement Agreement property from the City in the amount of $348,000 according to the terms and conditions of the Offer to Purchase, a copy of which is attached to this Common Council File; and

Whereas, The City Plan Commission has approved acceptance of said Offer; no...