Number
250412
Version
ORIGINAL
Reference
250410
Sponsor
ALD. PÉREZ
Title
Resolution authorizing the sale and approving a Land Disposition Report for the City-owned tax deed property at 627 South 6th Street (northern half of the vacant lot) to PCT 4 LLC, in the 12th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Property at 627 South 6th Street 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 627 South 6th Street (the “Property”), through property tax foreclosure on June 2, 2014; and
Whereas, The Department of City Development (“DCD”) accepted an unsolicited Proposal to Purchase the Property to acquire approximately one-half of the Property to use as green space (northern half), and DCD recommends sale to PCT 4, LLC (the “Buyer”), or its assignee, to acquire the Property as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist (“DDC”), copies of which are attached to this Common Council File; 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 the Commissioner of DCD, or designee, is authorized to sign the PASA, deed and requisite closing documents and to close the transaction and to take such actions as may be needed to effectuate the terms of the LDR and this resolution; and, be it
Further Resolved, That the sale proceeds, less sale and marketing expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD:Rosita.Ross:rr
06/24/25/B