Number
180780
Version
ORIGINAL
Reference
170426
Sponsor
ALD. ZIELINSKI
Title
Resolution approving revised terms for the Hamburger Lofts LLC project, in the 14th Aldermanic District.
Analysis
This resolution approves revised terms for the Hamburger Lofts LLC project according to the terms and conditions of the Amended Land Disposition Report and the Hamburger Lofts LLC Restated and Amended Purchase, Sale and Development Agreement.
Body
Whereas, The Common Council adopted File No. 170426 on July 31, 2017, that authorized the Commissioner of the Department of City Development (“DCD”), or designee, to execute the following documents with New Land Enterprises, LLC: offer to purchase, option to purchase, development agreement, deed, release of any deed restrictions that inhibit development and other legal documents on behalf of the City of Milwaukee (“City”) and to close the transaction according to the terms of the Land Disposition Report; and
Whereas, Hamburger Lofts LLC, an assignee of New Land Enterprises, LLP (“Developer”), and the City entered into the Hamburger Lofts LLC Purchase, Sale and Development Agreement on April 26, 2018, but the Developer was unable to close the transaction by June 30, 2018 because of timing delays and the Developer’s changes to the project and site design; and
Whereas, The City Attorney’s Office, with input from DCD staff, has negotiated revised terms with the Developer relating to (a) a new project description and site plan; (b) a new construction timeframe; and (c) the City’s entry into a lease and maintenance agreement with the Developer related to the development of a plaza and maintenance of the plaza, alley and East Archer Avenue; and
Whereas, The City Attorney’s Office, with input from DCD and Department of Public Works staff, has negotiated and drafted the project documents to outline the revised terms of the project; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the followi...
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