City of Milwaukee - File #: 160616

• File #: 160616
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/1/2016
• In control: COMMON COUNCIL
• Final action: 9/20/2016
• Title: Substitute resolution authorizing an agreement between Washfountain, LLC and the City of Milwaukee concerning assignment under Wisconsin Statutes 75.106 of the City’s right to Wisconsin Statutes 75.521 in-rem foreclosure judgment against 2203 West Michigan Street, in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: AGREEMENTS, ENVIRONMENT, FORECLOSURES

Date	Ver.	Action By	Action	Result	Tally
9/23/2016	1	MAYOR	SIGNED
9/20/2016	1	COMMON COUNCIL	ADOPTED	Pass	15:0
9/12/2016	0	JUDICIARY & LEGISLATION COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Matt Haessly from DCD Peter Ogden-Ogden & Company, Inc. Sue Sardina-Ogden & Company, Inc. Derek Reinke-Ogden & Company, Inc.	Pass	5:0
9/8/2016	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
9/8/2016	1	CITY CLERK	DRAFT SUBMITTED
9/6/2016	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
9/1/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160616
Version
SUBSTITUTE 1
Reference
160617
Sponsor
ALD. BAUMAN
Title
Substitute resolution authorizing an agreement between Washfountain, LLC and the City of Milwaukee concerning assignment under Wisconsin Statutes 75.106 of the City’s right to Wisconsin Statutes 75.521 in-rem foreclosure judgment against 2203 West Michigan Street, in the 4th Aldermanic District.
Analysis
This substitute resolution authorizes a contract between Washfountain, LLC and the City pursuant to which the City will assign its right to in-rem foreclosure judgment on 2203 West Michigan Street to Washfountain, LLC so that Washfountain, LLC may remediate the Property as the WDNR may require and renovate the Property for office, cold storage and light industrial uses.
Body
Whereas, The property located at 2203 West Michigan Street (the “Property”): (i) is now owned by Downey Inc.; (ii) is property tax delinquent for years 2010-2015; and (iii) is per the City of Milwaukee’s (“City”) belief, a brownfield; and

Whereas, The City and Washfountain, LLC (“WFN”) believe that the Property may be environmentally impacted or a “brownfield,” based on historical land use and/or other limited investigations that have been performed; and

Whereas, WFN, whose managing member is Peter Ogden, wishes to use the brownfield redevelopment tool available under Wisconsin Statutes 75.106 to acquire the Property via City assignment of the City’s right to a Wisconsin Statutes 75.521 in-rem foreclosure judgment; and

Whereas, Department of City Development (“DCD”) Real Estate staff requested that the City commence an in-rem foreclosure action against the Property and the City has included the Property in its 2016 No. 3 In-Rem File, Milwaukee County Circuit Court Case No. 16-CV-3646; and

Whereas, WFN will, after it becomes owner of the Property: pay the City $16,000 as an assignment payment, plus foreclosure expenses, plus year 2015 and future taxes against the Property that will not be foreclosed ag...