Number
121670
Version
ORIGINAL
Reference
061018
Sponsor
ALD. KOVAC
Title
Resolution authorizing the First 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
Whereas, 1150 North, LLC has been working diligently to obtain financing and plan approval for the development and has requested a six-month extension in its performance period to complete these tasks; and
Whereas, A First 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 and clarify relocation of a billboard; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the First 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 First 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
03/21/13/A