Number
241343
Version
ORIGINAL
Reference
Sponsor
ALD. PRATT
Title
Resolution authorizing the sale of the City-owned tax deed property at 5229 North 51st Boulevard, in the 1st Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property to The Lord’s Way International, according to the conditions in a Land Disposition Report pursuant to Section 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 5229 North 51st Boulevard (the “Property”), through property tax foreclosure on December 2, 2013; and
Whereas, The Department of City Development (“DCD”) advertised the Property for sale through a Request for Proposal on its website and through MLS; and
Whereas, DCD received two proposals and DCD recommends sale to The Lord’s Way International (the “Buyer”), or assignee, to acquire and redevelop the Property as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist, copies of which are attached to this Common Council File; and
Whereas, The file sponsor recommends accepting the Buyer’s purchase price offer of $100,000; and recording of a Payment in Lieu of Taxes (“PILOT”) Agreement; 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 property to the Buyer, or assignee, in accordance therewith; and, be it
Further Resolved, That DCD is authorized to accept an offer to purchase for the Property from the Buyer, provided that the Buyer meets the following conditions:
1. The offer price equals the sponsor of the file’s sale recommendation, which is $100,000.
2. A PILOT Agreement is signed by the Buyer and recorded with the sale, in the event the Buyer applies for property tax exemption.
3. The PILOT Agreement binds the Buy...
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