Number
071478
Version
Original
Reference
000270, 020423, 020798, 020968, 021013, 021220, 021294, 030390, 040948, 050122, 060304, 061496, 071375
Sponsor
The Chair
Title
Resolution authorizing City entry into a settlement agreement with Kilbourn Tower, LLC regarding amounts owed under an Agreement for Sale and a Note concerning the parcel at 923 E. Kilbourn Street and a vacated right-turn bypass that the City sold to Kilbourn Tower, LLC in 2003.
Analysis
This resolution permits City entry into a settlement agreement with Kilbourn Tower, LLC (KT) to allow the City to obtain the $950,000 purchase price KT still owes the City for the City’s sale of the Property to KT. The City sold to KT so KT could build the Kilbourn Tower condominiums. This resolution also allows the City to conditionally return certain deposit amounts it holds, and it provides for the City conditionally waiving interest otherwise due the City on the purchase price.
Body
Whereas, The City of Milwaukee (“City”), (i) by Common Council Resolution File No. 000270 approved vacation of the right-turn-bypass part of the Property, (ii) by Resolution File No. 020423 approved an out-of-program agreement for public-improvement alterations necessitated by Kilbourn Tower, LLC (KT’s) project, (iii) by Resolution File No. 020798 approved an ordinance and subterranean space lease allowing KT to develop underground parking beneath East Kilbourn and North Prospect Avenues, (iv) by Resolution File No. 020968 declared the Property surplus and authorized its sale to KT, (v) by Resolution File No. 021013 approved an ordinance and first amendment to Detailed Planned Development for the KT project, (vi) by Resolution File No. 021220 directed that $700,000 of the $950,000 Property-sale price be transferred to the Neighborhood Improvement Development Corporation (“NIDC”) for financing city-wide development and rehabilitation of affordable housing for low and moderate-income families, and directed NIDC to recomme...
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