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File #: 140457    Version:
Type: Resolution Status: Passed
File created: 6/24/2014 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 7/22/2014
Effective date:    
Title: Substitute resolution authorizing the sale of the City-owned tax deed property at 2034-38 West Greenfield Avenue to K.B. Co. Investments, Inc., or assignee, in the 8th Aldermanic District.
Sponsors: ALD. DONOVAN
Attachments: 1. Fiscal Impact Statement, 2. Land Disposition Report, 3. Due Diligence Checklist, 4. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
7/31/20141 MAYOR SIGNED   Action details Meeting details Not available
7/22/20141 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
7/15/20141 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Matthew Haessly, Department of City Development Ald. Robert Donovan, 8th Aldermanic District Luis Barbosa, BMR Design Group, Inc. Richard Frederick, Richard A. Frederick and Associates Ald. Donovan was in support.
Pass5:0 Action details Meeting details Video Video
7/10/20141 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
7/9/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
7/9/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
7/9/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
7/9/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/24/20140 COMMON COUNCIL ASSIGNED TOFail  Action details Meeting details Not available
Number
140457
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. DONOVAN
Title
Substitute resolution authorizing the sale of the City-owned tax deed property at 2034-38 West Greenfield Avenue to K.B. Co. Investments, Inc., or assignee, in the 8th 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 304-49-5 and 304-49-7, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 2034-38 West Greenfield Avenue through property tax foreclosure on July 26, 2010; and

Whereas, The Department of City Development (“DCD”) advertised the mixed-use building for sale; and

Whereas, DCD received and reviewed one proposal by the established deadline and recommends acceptance of the proposal from K.B. Co. Investments, Inc., (“KBCI”) or assignee, to acquire and redevelop the property, as summarized in a Land Disposition Report and a Due Diligence Checklist, copies of which are attached to this Common Council File; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report is approved and that DCD is directed to enter into a Purchase and Sale Agreement with KBCI, or assignee, materially consistent with the Land Disposition Report, and then convey the property at 2034-38 West Greenfield Avenue to KBCI in accordance therewith; and, be it

Further Resolved, That the Commissioner of DCD, or designee, is directed to sign the Purchase and Sale Agreement, deed and requisite closing documents and to close the transaction and take such actions, as may be needed, to effectuate the terms of the Land Disposition Report and this resolution; and, be it

Further Resolved, That the sale proceeds, less sale expenses and a 30 percent disposition cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD...

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