Number
131495
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PEREZ
Title
Substitute resolution accepting an unsolicited Offer to Purchase from Mitchell Street Group, LLC to purchase 1721-23 South 6th Street for combination with its adjoining properties to construct a parking lot, in the 12th Aldermanic District.
Analysis
This substitute resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Section 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, Mitchell Street Group, LLC has submitted an unsolicited Offer to Purchase the City-owned property at 1721-23 South 6th Street to assemble with its adjacent properties for construction of a parking lot that will serve its mixed-use building at 601 West Historic Mitchell Street as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Section 304-49-7 of the Milwaukee Code of Ordinances allows the City of Milwaukee (“City”) to accept unsolicited Offers to Purchase property when the City receives fair compensation, whether monetary or non-monetary; and
Whereas, The Department of City Development (“DCD”) has reviewed the offer and the development proposal and has determined that the offer and proposal represent fair compensation to the City in terms of the purchase price and investment in the neighborhood; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the offer submitted by Mitchell Street Group, LLC for the property at 1721-23 South 6th Street is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to close the transaction according to the terms of the Land Disposition Report and upon DCD approval of final parking lot plans, submission of firm financing and a Certificate of Appropriateness for the parking lot; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authori...
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