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File #: 180336    Version: 0
Type: Resolution Status: Passed
File created: 5/30/2018 In control: COMMON COUNCIL
On agenda: Final action: 6/20/2018
Effective date:    
Title: Resolution amending the Land Disposition Report approved by Common Council File No. 161162 relating to the sale of the City-owned properties at 3619, 3621 and 3633 West Villard Avenue, in the 1st Aldermanic District.
Sponsors: ALD. HAMILTON
Indexes: LAND DISPOSITION REPORTS, PROPERTY SALES
Attachments: 1. Fiscal Impact Statement, 2. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
6/29/20180 MAYOR SIGNED   Action details Meeting details Not available
6/20/20180 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
6/12/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Dwayne Edwards, Dept. of City Development Que El-Amin, Index Development Group Michael Roane, Brinshore Development
Pass5:0 Action details Meeting details Video Video
6/6/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/6/20180 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/30/20180 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
180336
Version
ORIGINAL
Reference
161162
Sponsor
ALD. HAMILTON
Title
Resolution amending the Land Disposition Report approved by Common Council File No. 161162 relating to the sale of the City-owned properties at 3619, 3621 and 3633 West Villard Avenue, in the 1st Aldermanic District.
Analysis
This resolution makes the following amendments to the Land Disposition Report relating to the sale of the City-owned properties at 3619, 3621 and 3633 West Villard Avenue to Index Development Group LLC:

1. The purchase price is changed from $20,000 to $4,350 for the three parcels.

2. The Buyer shall pay the special assessment letter charges and all other closing costs that may be applicable.
Body
Whereas, On January 18, 2017, the Common Council of the City of Milwaukee adopted File No. 161162, which authorized the sale of the City-owned properties at 3619, 3621 and 3633 West Villard Avenue to Index Development Group LLC or its assignees; and

Whereas, File No. 161162 also approved a Land Disposition Report for the conveyance of these properties; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the “PURCHASE TERMS AND CONDITIONS” section of the Land Disposition Report approved by Common Council File No. 161162 is amended as follows:

PURCHASE TERMS AND CONDITIONS
The purchase price is $4,350 and is based on the land value and not on any improvements on the Properties. An $1,250 non-refundable Option Fee is required within ten days of Common Council approval and shall be credited toward the purchase price if the sale closes prior to December 31, 2018.

The base option period is until December 31, 2018, which allows time for a November, 2018 award from the Federal Home Loan Bank’s (“FHLB”) Affordable Housing Program (“AHP”) for a tax credit allocation, sale of the tax credits to equity investors, obtaining firm financing and finalization of construction plans, securing a signed offer to purchase to acquire the two privat...

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