Number
070128
Version
ORIGINAL
Reference
Sponsor
ALD. DONOVAN
Title
Resolution authorizing an agreement between the City of Milwaukee and GLACI, Inc., for assignment under Wisconsin Statute Section 75.106 of the City’s right to an in-rem foreclosure judgment against 2256 South 22nd Street, in the 8th Aldermanic District.
Analysis
This resolution directs property tax foreclosure against 2256 South 22nd Street so assignment of the foreclosure judgment to a developer, GLACI, Inc., may occur so the property may be remediated, improved and placed in taxpaying ownership.
Body
Whereas, Based on City of Milwaukee (“City”) records, Blankehneim Printing Company owns tax-delinquent property at 2256 South 22nd Street (“Parcel”); and
Whereas, The City and GLACI, Inc., (“GLACI”) 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, GLACI (whose officer of the corporation is Thad Phetteplace) 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, GLACI 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 ($64,950 less a redevelopment fee of 25 percent made payable to the Redevelopment Authority of the City of Milwaukee); paying all unforeclosed tax-roll amounts; testing and remediating the Parcel ...
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