City of Milwaukee - File #: 150466

• File #: 150466
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/21/2015
• In control: COMMON COUNCIL
• Final action: 9/22/2015
• Title: Substitute resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 2730 North Dr. Martin Luther King Jr. Drive, in the 6th Aldermanic District.
• Sponsors: ALD. COGGS
• Indexes: PROPERTY SALES

Date	Ver.	Action By	Action	Result	Tally
9/29/2015	1	MAYOR	SIGNED
9/22/2015	1	COMMON COUNCIL	ADOPTED	Pass	15:0
9/15/2015	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Matt Haessly, Department of City Development Ald. Milele Coggs, 6th Aldermanic Tamara Martin, King's Market Bruce Martin, King's Market	Pass	4:0
9/9/2015	1	CITY CLERK	DRAFT SUBMITTED
9/9/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
7/21/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150466
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. COGGS
Title
Substitute resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 2730 North Dr. Martin Luther King Jr. Drive, in the 6th Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 2730 North Dr. Martin Luther King Jr. Drive (the “Property”) on June 2, 2014 through property tax foreclosure; and

Whereas, The Department of City Development (“DCD”) advertised the Property for sale on its website and through MLS in early 2015; and

Whereas, DCD staff reviewed four proposals received prior to the established deadline and recommends that King’s Fresh Market Group LLC (“Buyer”) acquire and redevelop the Property as summarized in a Land Disposition Report and a Due Diligence Checklist, 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 Land Disposition Report is approved and DCD is authorized to enter into a Purchase and Sale Agreement with the Buyer, materially consistent with the Land Disposition Report, and then convey the Property to the Buyer in accordance therewith; and, be it

Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Purchase and Sale Agreement, 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 Land Disposition Report and this resolution; and, be it

Further Resolved, That the sale proceeds, less sale and marketing expenses and a 30 percent disposition fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Draft...