City of Milwaukee - File #: 061018

• File #: 061018
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/14/2006
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 11/30/2011
• Title: Substitute resolution relating to the sale of surplus property at 1136-46 East North Avenue to 1150 North, LLC for mixed-use development, in the 3rd Aldermanic District.
• Sponsors: ALD. KOVAC
• Indexes: PROPERTY SALES, SURPLUS PROPERTY

Date	Ver.	Action By	Action	Result	Tally
12/1/2011	1	MAYOR	SIGNED
11/30/2011	1	COMMON COUNCIL	ADOPTED	Pass	15:0
11/22/2011	0		RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Ald. Nik Kovac, Aldermanic District 3 Matt Haessly, Department of City Development - Real Estate Todd Davies, HD Development Group		5:0
11/22/2011	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Ald. Nik Kovac, Aldermanic District 3 Matt Haessly, Department of City Development - Real Estate Todd Davies, HD Development Group	Pass	5:0
11/18/2011	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/14/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
061018
Version
SUBSTITUTE 1
Reference
031163
Sponsor
ALD. KOVAC
Title
Substitute resolution relating to the sale of surplus property at 1136-46 East North Avenue to 1150 North, LLC for mixed-use development, in the 3rd 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 Section 304-49-5 and 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, By adoption of File No. 031163, the Common Council of the City of Milwaukee declared the City Ward Yard at 1136-46 East North Avenue surplus to municipal needs and authorized a six-month Option to Purchase with Readco, LLC (“Readco”) to purchase and redevelop the property; and

Whereas, Readco did not acquire the property as outlined in File No. 031163 due to market conditions and the demands of developing a UW-Milwaukee dormitory on its adjacent property, but continued to work on a development proposal for the site; and

Whereas, Readco has formed a new limited liability company, 1150 North, LLC (“Developer”), and has submitted new plans to assemble the City Ward Yard property with its adjacent properties at 1132 and 1164 East North Avenue to develop a market rate apartment building with a ground-floor retail component as summarized in a Land Disposition Report (“LDR”), a copy of which is attached to this Common Council File; and

Whereas, Section 304-49-5 of the Milwaukee Code of Ordinances allows the City to sell Development Property with Common Council approval, and Section 304-49-7 allows the City, with Common Council approval, to sell City lands to designated persons for adequate fair market consdiration, which includes monetary and non-monetary consideration; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Department of City Development (“DCD”), in consultation with the City Attorney’s Office, is authorized to negotiate and enter i...