Number
041542
Version
SUBSTITUTE 1
Reference
031565
Sponsor
ALD. BAUMAN
Title
Substitute resolution relating to land disposition for the property at 401 West Wisconsin Avenue.
Analysis
This resolution requests Redevelopment Authority of the City of Milwaukee (RACM) exercise its rights under the Development Agreement with Milwaukee Convention Center Hotel, LLC (MCC) to reacquire the property located at 401 W. Wisconsin Avenue.
Body
Whereas, On March 24, 2004, the Common Council adopted File Number 031565, a resolution approving the Land Disposition Report for the property at 401 West Wisconsin Avenue for sale to Milwaukee Convention Center Hotel, LLC (MCC) for hotel development in the 4th Aldermanic District; and
Whereas, Under the terms of conditions of the Land Disposition Report MCC is to construct on the property a full service, 6-story hotel; and
Whereas, MCC and the Redevelopment Authority of the City of Milwaukee (RACM) entered into a development agreement dated May 6, 2004: and
Whereas, Under Section 6 of the Development Agreement between RACM and MCC, construction was to have commenced by October 1, 2004, and shall be completed within 24 months following commencement, September 30, 2006; and
Whereas, As of this date construction has not commenced; and
Whereas, Under the Development Agreement and applicable law, RACM has rights available including but not limited to, the right to provide notice of breach, to demand timely cure, and the right to reacquire the property in the event of failure to cure: now, therefore be it
Resolved, By the Common Council of the City of Milwaukee, the Common Council requests RACM to exercise its rights under the Development Agreement to reacquire the property located at 401 W. Wisconsin Avenue; and, be it
Further Resolved, Once the property is reacquired, RACM is requested to advertise or issue an RFP for this property and when applicable submit a Land Deposition Report to th...
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