Number
061020
Version
ORIGINAL
Reference
030680
Sponsor
ALD. MCGEE
Title
Resolution authorizing an agreement between the City of Milwaukee and HCP Real Estate, Inc., for assignment under Wisconsin Statute Section 75.106 of the City’s right to an in-rem foreclosure judgment against 118 West Abert Place, in the 6th Aldermanic District.
Analysis
This resolution directs property tax foreclosure against 118 West Abert Place so assignment of the foreclosure judgment to a developer, HCP Real Estate, Inc., may occur so the property may be remediated, improved and placed in taxpaying ownership.
Body
Whereas, Based on City of Milwaukee (“City”) records, Joseph Blandino owns tax-delinquent property at 118 West Abert Place (“Parcel”); and
Whereas, The City and HCP Real Estate, Inc., (“HCP”) believe that the Parcel may be environmentally impacted or a “brownfield” based on historical land use and other limited investigations that have been done; and
Whereas, HCP (whose members are Thomas H. Frentzel and Thomas W. Frentzel) wishes to use the brownfield redevelopment tool available under Wisconsin Statute Section 75.106 to acquire the Parcel via City assignment of the City’s right to a Wisconsin Statute Section 75.521 in-rem foreclosure judgment; and
Whereas, Department of City Development (“DCD”), Real Estate staff, completed an “Internal Protocol/Questionnaire for Community Improvement In-Rem Foreclosure Actions” as required by Common Council File No. 030680 requesting that the City commence an in-rem foreclosure action against the Parcel, and the City did include the Parcel in its 2006 No. 1 In-Rem File, Milwaukee County Circuit Court Case No. 06-CV-003677 (Parcel 105); and
Whereas, HCP wishes to enter into a “75.106 In-Rem Assignment Contract” (“75.106 Contract”) and to accept assignment of the City’s right to an in-rem foreclosure judgment in exchange for: paying $3,500 toward the City’s foreclosure expenses; paying the City for the assignment ($10,950 less ...
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