Number
151895
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. STAMPER
Title
Substitute resolution approving City of Milwaukee acquisition and demolition of the property at 4623 West Lisbon Avenue from Faraaz, LLC, and authorizing the City to enter into an agreement with the Uptown Crossing Business Improvement District No. 16 regarding same, in the 15th Aldermanic District.
Analysis
Adoption of this substitute resolution by the Common Council will approve the assignment of an accepted offer to the City, thereby allowing it to purchase the privately owned property at 4623 West Lisbon Avenue for $270,000, it will approve the demolition of the structures and other improvements on the Property and it will approve entry into an agreement with the Uptown Crossing Business Improvement District No. 16 regarding the BID’s contribution toward the demolition cost and preparing 4623 West Lisbon Avenue for development.
Body
Whereas, Faraaz, LLC (“Faraaz”) has agreed, via a Purchase and Sale Agreement on February 19, 2016 (“PASA”), to sell the property it owns at 4623 West Lisbon Avenue (“Property”) to Ogden Acquisition Group, Inc. (“Ogden”); and
Whereas, The PASA allows Ogden or Faraaz to assign its interests to another party; and
Whereas, Ogden has agreed to assign its purchase interest in the Property and rights under the PASA to the City of Milwaukee (“City”); and
Whereas, The City wishes to acquire the Property for use in potential infrastructure improvements at the adjacent intersection to be explored collaboratively with the City’s Department of City Development (“DCD”), the City’s Department of Public Works (“DPW”) and the Wisconsin Department of Transportation (“WisDOT”); and
Whereas, Closing shall take place on or before June 8, 2016; and
Whereas, City staff negotiated with Uptown Crossing Business Improvement District No. 16 (“BID No. 16”) a $25,000 contribution to the City, through the Redevelopment Authority of the City of Milwaukee, toward the $50,00...
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