Number
150655
Version
ORIGINAL
Reference
Sponsor
ALD. KOVAC
Title
Resolution authorizing the sale of the City-owned property at 1524 North Milwaukee Street to USL Land LLC, for development, in the 3rd Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Property according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, USL Land LLC desires to purchase the vacant lot at 1524 North Milwaukee Street to join with its adjacent property to create a development site and has submitted an unsolicited offer to purchase; 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 development represent 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 USL Land LLC for the City-owned property at 1524 North Milwaukee Street for purchase and development 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 to the Redevelopment Authority of the City of Milwaukee, shall be credited to the City’s General Fund.
Drafter
DCD:Yves.LaPierre:ysl
09/01/15/A