Number
130901
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution authorizing and approving conveyance of the Milwaukee Public Schools property located at 2760 N. 1st Street (Malcolm X) to 2760 Holdings, LLC (6th Aldermanic District).
Analysis
This resolution authorizes and approves the conveyance of the Milwaukee Public Schools property at 2760 N. 1st Street (the former Malcolm X Academy) to 2760 Holdings, LLC, for development of affordable housing, commercial space and a community center, with a portion of the structure being leased back to Milwaukee Public Schools for educational purposes. It further authorizes the proper City officers to execute the necessary instruments of conveyance.
...Body
Whereas, The former Malcolm X Academy, a Milwaukee Public Schools facility located at 2760 N. 1st Street, is vacant and surplus to the needs of Milwaukee Public Schools; and
Whereas, 2760 Holdings, LLC, has offered to purchase this property for a total price of $2,145,000 (subject to ordinary pro-rations and credits), and intends to convert a portion of it into affordable housing, commercial space and a community center, with the remainder being leased back to Milwaukee Public Schools to be used for educational purposes; and
Whereas, Pursuant to s. 119.60(2), Wis. Stats., property used for school purposes shall be sold by the City only upon written request of the Milwaukee Board of School Directors; and
Whereas, On October 14, 2013, the Milwaukee Board of School Directors voted unanimously to submit to the City a request for authorization to convey the property in question to 2760 Holdings, LLC; and
Whereas, On November 1, 2013, the Milwaukee Board of School Directors voted unanimously to submit to the City a revised request to sell the property located at 2760 N. 1st Street to 2760 Holdings, LLC, pursuant to the terms outlined in a revised term sheet, a copy of which is attached to this Common Council file and labeled “ATTACHMEN...
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