Number
150377
Version
ORIGINAL
Reference
Sponsor
ALD. DONOVAN
Title
Resolution authorizing the sale of the City-owned tax deed property at 1800 West St. Paul Avenue to LCM Funds 30 St. Paul, LLC, for redevelopment and use as a parking lot, in the 8th Aldermanic District.
Analysis
This 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 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, LCM Funds 30 St. Paul, LLC, desires to redevelop the parking lot at 1800 West St. Paul Avenue and has submitted an unsolicited offer to purchase the property; and
Whereas, Section 304-49-8 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 proposed price and redevelopment represents fair compensation to the City considering the offering price and investment in the neighborhood; and
Whereas, DCD recommends sale of this lot, with closing contingent on DCD approval of final site and building plans; and
Whereas, The lot will be sold in "as is" condition, without representations or warranties, including, but not limited to, soil quality and subsurface condition; and
Whereas, DCD submits herewith a Land Disposition Report, a copy of which is attached to this Common Council File, describing the terms and conditions of the proposed sale; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioner of DCD, or designee, is authorized to accept the unsolicited offer to purchase submitted by LCM Funds 30 St. Paul, LLC, for the City-owned tax deed property at 1800 West St. Paul Avenue for purchase and redevelopment as outlined in the Land Disposition Report; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to release any deed restrictions that inhibit development and execute other legal documents on behalf of the City and to close the transaction according to the terms of the Land Disposition Report; and, be it
Further Resolved, That the sale proceeds, less sale and marketing expenses and a 30 percent disposition fee payable to the Redevelopment Authority of the City of Milwaukee, be credited to the Delinquent Tax Fund.
Drafter
DCD:Yves.LaPierre:ysl
06/23/15/B