Number
130734
Version
ORIGINAL
Reference
061018, 121670
Sponsor
ALD. KOVAC
Title
Resolution authorizing the Second Amendment to the Purchase and Sale Agreement with 1150 North, LLC for the property at 1136-46 East North Avenue, in the 3rd Aldermanic District.
Analysis
This resolution authorizes an amendment to an approved Purchase and Sale Agreement for City-owned Development Property.
Body
Whereas, By adoption of File No. 061018 on November 30, 2011, the Common Council of the City of Milwaukee authorized the sale of a surplus ward yard at 1136-46 East North Avenue to 1150 North, LLC for construction of a mixed-use building and extended the time period to close by adopting File No. 121670; and
Whereas, 1150 North, LLC continues its efforts to obtain financing for the development and has requested a six-month extension in its closing deadline due to the complexities encountered by its equity investor with a tax-free real estate exchange that is needed for the project; and
Whereas, A Second Amendment to the Purchase and Sale Agreement, a copy of which is attached to this Common Council File, has been negotiated with 1150 North, LLC to extend the performance period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Second Amendment to the Purchase and Sale Agreement with 1150 North, LLC for the property at 1136-46 East North Avenue is approved; and, be it
Further Resolved, That the Commissioner of the Department of City Development, or designee, is authorized to execute the Second Amendment to the Purchase and Sale Agreement; and, be it
Further Resolved, That all other terms and conditions of the original Purchase and Sale Agreement remain in full force and effect.
Drafter
DCD/Real Estate
MFH:mfh
09/24/13/A