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File #: 161346    Version: 0
Type: Resolution Status: Passed
File created: 1/18/2017 In control: COMMON COUNCIL
On agenda: Final action: 2/7/2017
Effective date:    
Title: Resolution authorizing the sale of the City-owned tax deed property at 4775 North 37th Street, in the 7th Aldermanic District.
Sponsors: ALD. RAINEY
Indexes: CITY PROPERTY
Attachments: 1. Fiscal Impact Statement, 2. Land Disposition Report, 3. Due Diligence Checklist, 4. Hearing Notice List

Number

161346

Version

ORIGINAL

Reference

 

Sponsor

ALD. RAINEY

Title

Resolution authorizing the sale of the City-owned tax deed property at 4775 North 37th Street, in the 7th 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 4775 North 37th Street (the “Property”) on July 14, 2014 through property tax foreclosure; and

 

Whereas, Ambassadors for Christ Ministries, Inc. (the “Buyer”) has submitted an unsolicited Offer to Purchase the Property to redevelop it 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 Ambassadors for Christ Ministries, Inc. 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 disposition fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.

Drafter

DCD:Dwayne.Edwards:dke

01/18/17/E