Number
181128
Version
ORIGINAL
Reference
Sponsor
ALD. WITKOWSKI
Title
Resolution authorizing the Department of City Development to issue an Exclusive Right to Negotiate to Scott Crawford, Inc. for the City-owned property located at 3774 South 27th Street, in the 13th Aldermanic District.
Analysis
This resolution authorizes the Department of City Development to issue an Exclusive Right to Negotiate to Scott Crawford, Inc. allowing it a period of time to seek WHEDA financing.
Body
Whereas, The City of Milwaukee (“City”) acquired 3774 South 27th Street (the “Property”) on August 16, 2013 through property tax foreclosure; and
Whereas, The Department of City Development (“DCD”) advertised the Property for sale on its website and through MLS on a continuous basis; and
Whereas, DCD received a proposal and selected Scott Crawford, Inc. (“SCI” or the “Buyer”); and
Whereas, The Buyer wishes to acquire the Property to construct an affordable housing development and its financing for acquisition and development of the Property involves Wisconsin Housing and Economic Development Authority (“WHEDA”) Low Income Housing Tax Credits; and
Whereas, The Common Council’s approval of an Exclusive Right to Negotiate to SCI will allow the Buyer, or its DCD-approved assignee, time to finalize and submit its WHEDA application and to determine whether WHEDA will approve its application for a 2019 award of credits; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that a Site Control Report, a copy of which is attached to this Common Council File, is approved and DCD is authorized to issue to SCI, or its DCD-approved assignee, an Exclusive Right to Negotiate in substantial accordance with said Site Control Report.
Drafter
DCD:Dwayne.Edwards:dke
11/05/18/A