Number
001595
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing (i) agreement among City of Milwaukee ("City"), Sherman Perk, LLC ("Sherman"), Redevelopment Authority of City of Milwaukee ("RACM") and Sherman's lawyer, concerning a Wis. Stat. § 75.106 assignment of City's right to Wis. Stat. § 75.521 in rem foreclosure judgment against 4924 West Roosevelt Drive, and (ii) City action under that agreement. (City Attorney)
Analysis
Resolution authorizes contract among City, RACM, Sherman, and Sherman's lawyer pursuant to which City will assign its right to in rem foreclosure judgment on 4924 West Roosevelt Drive (the "Parcel") to Sherman in exchange for Sherman's commitment to remediate and improve that parcel.
Body
Whereas, The Parcel is (i) now owned of record by Action Imports, (ii) is property-tax delinquent for years 1991-2000, and (iii) is, per City investigation, a brownfield and contaminated by the discharge of a hazardous substance; and
Whereas, Sherman wishes to acquire the Parcel so it can remediate it, and improve it, and operate thereon a neighborhood coffee shop; and
Whereas, City commenced an in rem property-tax-foreclosure action against the Parcel (List of Tax Liens, 2000 No. 3, Circuit Court Case No. 00-CV-008706, Parcel 69, 4924 West Roosevelt Drive, Tax Key No. 288-1059-000-0) under Wis. Stat. § 75.521 concerning delinquent years 1991-1998, and that action is currently pending before the court; and
Whereas, Wis. Stat. § 75.106 allows the City to assign its right to Wis. Stat. § 75.521 in rem foreclosure judgments to third persons under certain circumstances; and
Whereas, City, wishing: to foster economic development, brownfield remediation and redevelopment; to return tax-delinquent properties to the tax roll; and to promote public health, safety, and welfare, negotiated the "75.106 In Rem Assignment Contract" attached to the file as Exhibit A (the "75.106 Contract") among City, Sherman...
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