Number
241723
Version
ORIGINAL
Reference
170809, 201147, 211176
Sponsor
ALD. BAUMAN AND MOORE
Title
Resolution for the termination and release of deed restrictions and approval of a Payment In Lieu of Taxes (PILOT) agreement for the property located at 2708 West Wisconsin Avenue, in the 4th Aldermanic District.
Analysis
This resolution authorizes the termination and release of deed restrictions for the property located at 2708 West Wisconsin Avenue and the execution of a PILOT Agreement by and among the City and Aurora Health Care, Inc.
Body
Whereas, The City of Milwaukee (“City”) conveyed 2708 West Wisconsin Avenue (the “Property”) to Ambassador Suites, LLC (“Grantee”) on December 22, 2017 pursuant to Resolution Number 170809 adopted by the Common Council on September 26, 2017; and
Whereas, The Special Warranty Deed (“Deed”) and Purchase and Sale Agreement (“Agreement”) were recorded with the Milwaukee County Register of Deeds on December 22, 2017, as Document Numbers 10739658 and 10739493; and
Whereas, The Deed contained restrictions for Performance Obligation which provides for reversion of title in the event of default by the Grantee if not redeveloped as an all-suites hotel (“Project”), and
Whereas, The Deed contained a permanent restriction for Tax Exemption Prohibition that runs with the land and may only be released by resolution passed by the City’s Common Council and recording of a Release of Restriction with the Milwaukee County Register of Deeds; and
Whereas, The Deed contained a Competing Use Restriction prohibiting the Property from being used for any use by any school that is not part of the Milwaukee Public Schools District or chartered by Milwaukee Public Schools; and
Whereas, The Grantee has invested approximately one million dollars in the Property and has not completed the Project and now wishes to sell the Property to Aurora Health Care, Inc. (“Aurora Health Care”); and
Whereas, Aurora Health Care has requested a termination...
Click here for full text