Number
001594
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY
Title
Substitute resolution authorizing agreement among City, Doern Corporation, and National Recycling, Inc. concerning assignment, under § 75.106, of City's right to § 75.521 in rem foreclosure judgment against 4220 South 13th Street.
Analysis
This substitute resolution authorizes contract among City, Doern Corporation ("Doern") and National Recycling, Inc. ("NRI") pursuant to which City will assign its right to in rem foreclosure judgment on 4220 South 13th Street (the "Parcel") to Doern in exchange for Doern's commitment to test, remediate and improve that parcel.
Body
Whereas, The Parcel is (i) now owned of record by Industrial Waste Corp., (ii) is property-tax delinquent for years 1989-2000, and (iii) is, per City investigation, a brownfield and contaminated by the discharge of a hazardous substance; and
Whearas, Doern wishes to acquire the Parcel so it can test it, remediate it, and improve it, (Doern plans on using the Parcel to construct an addition thereon to expand NRI's plastic recycling business); and
Whereas, City commenced an in rem property-tax-foreclosure action against the Parcel (List of Tax Liens, 2000 No. 2, Circuit Court Case No. 00-CV-006024, Parcel 284, 4220 S. 13th St., Tax Key No. 579-9952-000-8) under Wis. Stat. § 75.521 concerning delinquent years 1989-1998, and that action is currently pending before the court; and
Whereas, Wis. Stat. § 75.106 allows the City to assign its right to Wis. Stat. § 75.521 in rem foreclosure judgments to third persons under certain circumstances; and
Whereas, City, wishing: to foster economic development, brownfield remediation and redevelopment; to return tax-delinquent properties to the tax roll; and to promote public health, safety, and welfare, negotiated the "75.106 In Rem Assignment Contract" attached to the file as Exhibit A (the "75.106 Contract") among City, Doern, and NRI governing the specifics ...
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