Number
160718
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution declaring the City-owned parking lot at 3333 North 4th Street surplus to municipal needs, authorizing conveyance of the Redevelopment Authority-owned vacant lot at 3306-10 North Dr. Martin Luther King Jr. Drive to the City of Milwaukee and authorizing its sale and the sale of the parking lot at 3333 North 4th Street and the City-owned vacant lots at 3323-25 North 4th Street and 3300-04 North Dr. Martin Luther King Jr. Drive to MLK LLC for commercial development, in the 6th Aldermanic District.
Analysis
This substitute resolution declares a City-owned parking lot surplus to municipal needs and authorizes its sale, permits the Redevelopment Authority to convey land to the City of Milwaukee pursuant to Section 66.1333, Wisconsin Statutes, and 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, MLK LLC has submitted an unsolicited offer to purchase the City-owned parking lot at 3333 North 4th Street along with the Redevelopment Authority-owned vacant lot at 3306-10 North Dr. Martin Luther King Jr. Drive and the City-owned vacant lots at 3323-25 North 4th Street and 3300-04 North Dr. Martin Luther King Jr. Drive as summarized in a Land Disposition Report, a copy of which is attached to this Common Council File; and
Whereas, Sale of said properties will allow MLK LLC to combine the City-owned and Redevelopment Authority-owned properties with the adjacent properties it will acquire at 3317 North 4th Street, 3314 North Dr. Martin Luther King Jr. Drive and 3318-26 North Dr. Martin Luther King Jr. Drive to create a development site; and
Whereas, The Department of City Development (“DCD”) and the Department of Public Works have reviewed the offer and the development proposal and have determined that the proposed price and re...
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