Number
070125
Version
ORIGINAL
Reference
Sponsor
ALD. WADE
Title
Resolution authorizing an agreement between the City of Milwaukee and Baysol, LLC, for assignment under Wisconsin Statute Section 75.106 of the City’s right to an in-rem foreclosure judgment against 3410 West Burleigh Street, in the 7th Aldermanic District.
Analysis
This resolution directs property tax foreclosure against 3410 West Burleigh Street so assignment of the foreclosure judgment to a developer, Baysol, LLC, may occur so the property may be remediated, improved and placed in taxpaying ownership.
Body
Whereas, Based on City of Milwaukee (“City”) records, Calvary Hill Temple Apostolic Church and/or Henry P. Mallett owns tax-delinquent property at 3410 West Burleigh Street (“Parcel”); and
Whereas, The City and Baysol, LLC, (“Baysol”) believe that the Parcel may be environmentally impacted or a “brownfield” based on historical land use and/or other limited investigations that have been performed; and
Whereas, Baysol (whose members of the Limited Liability Corporation include Adamson Peter and Olusola Oluwatosin) 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, requested that the City commence an in-rem foreclosure action against the Parcel, and the City did or will include the Parcel in its 2007 No. 1 In-Rem File, Milwaukee County Circuit Court; and
Whereas, Baysol 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 ($136,500 less a redevelopment fee of 25 percent made payable to the Redevelopment Authority of the City of Milw...
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