Number
150873
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. PUENTE
Title
Substitute resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed vacant lot at 7101 North 76th Street, in the 9th 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 Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 7101 North 76th Street (the “Property”) on October 28, 2010 through property tax foreclosure; and
Whereas, Andy K. Khullar of Priya Corporation (“Buyer”), wholly owned by Andy K. Khullar, desires to acquire and improve the City-owned vacant lot at 7101 North 76th Street (“Property”) as summarized in a Land Disposition Report and a Due Diligence Checklist, copies of which are attached to this Common Council File; and
Whereas, Section 304-49-8 of the Milwaukee Code of Ordinances allows the 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 the Buyer for the Property is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Purchase and Sale Agreement, deed and requisite closing documents and to close the transaction and to 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 and marketing expenses and a 30 percent di...
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