Number
241726
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution authorizing the sale of the City-owned tax deed property at 1801 West Keefe Avenue, in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of a City-owned Development Property to State to State 48 Express, LLC, according to the conditions in a Land Disposition Report.
Body
Whereas, State to State 48 Express, LLC (the “Buyer”)or its assignee seeks to develop and renovate the City-owned parcel at 1801 West Keefe Avenue for a barbecue restaurant and small grocery store and rehab multiple apartment units; and
Whereas, Section 304-49-4 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited offers to purchase property when no offers or expressed interest were received since marketing the property in 2014, and when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, DCD now recommends sale to State to State 48 Express, LLC or its assignee, who expressed interest in the property and recently submitted an unsolicited offer to acquire and redevelop 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 ...
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