Number
161345
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 3821-25 West North Avenue, in the 15th 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, The City of Milwaukee (“City”) acquired 3821-25 West North Avenue (the “Property”) on June 2, 2014 through property tax foreclosure; and
Whereas, AK Development, LLC (the “Buyer”) has submitted an unsolicited Offer to Purchase the Property; and
Whereas, The Buyer desires to renovate the Property as a mixed-use building 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 from the Buyer 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 AK Development, LLC for the Property is accepted; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign a 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 disp...
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