Number
071131
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution authorizing the sale of the City-owned vacant lot at 1027 North Edison Street to Edison Green, LLC, for mixed-use development, in the 4th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, The Department of City Development (“DCD”) advertised a Request for Proposal specifying Redevelopment Criteria; and
Whereas, One proposal was received prior to the established deadline and was reviewed according to the established criteria; and
Whereas, DCD recommends sale of said property to Edison Green, LLC, for construction of a mixed-use building as outlined in a Land Disposition Report, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proposal submitted by Edison Green, LLC, for 1027 North Edison Street, is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to execute an Option to Purchase, Agreement for Sale and Deed on behalf of the City and to close the transaction according to the terms of the Land Disposition Report and conditioned on DCD approval of the final building plans and receipt of a firm financing commitment; and, be it
Further Resolved, That the proper City officials and/or the Commissioner of DCD, or designee, are authorized to execute any other legal documents necessary to close the transaction; and, be it
Further Resolved, That the net proceeds from the sale shall be returned to the General Fund, less all sale and marketing expenses and a 30 percent development fee paid to the Redevelopment Authority of the City of Milwaukee.
Drafter
DCD/Real Estate
DAC:dac
11/21/07/A