IMMEDIATE ADOPTION
Number
171892
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution consenting to the sale of property located at 2742 West State Street, release of existing deed restrictions and entry into restrictive covenants with the new owner, in the 4th Aldermanic District.
Analysis
This resolution authorizes the City’s consent to the sale of property located at 2742 West State Street, release of existing deed restrictions and entry into restrictive covenants with the new owner. The City’s consent is required pursuant to a deed restriction placed on the property when the City conveyed the property to the current owner.
Body
Whereas, On June 10, 2015, the City of Milwaukee (“City”) conveyed the property located at 2742 West State Street (“Property”) to Kyle Kompas and Nicole Vurusic, as joint tenants in common (collectively “Owner” or “Grantee”) via quit claim deed, which also contained restrictive covenants (“Deed”); and
Whereas, The Deed transferring the Property included restrictive covenants consisting of a performance restrictive covenant, code compliance requirement and an owner-occupied restriction that are “binding upon [Owner], [Owner]’s successors and assigns, and all those claiming by, through or under [Owner], including successor owners of the Property”; and
Whereas, On June 10, 2015, the City entered into a Sale and Rehabilitation Agreement with the Grantee, which was recorded in the Milwaukee County Register of Deeds Office on June 15, 2015 as Document No. 10470241 (“Agreement”) whereby Grantee agreed to rehabilitate the existing structure for use as an owner-occupied residence, associated parking and landscaping according to the City’s minimum rehabilitation standards within eighteen months following the date of closing, which was set to be on or before August 14, 2015 (“Project”), and the Agreement “is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property....
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