Number
190054
Version
ORIGINAL
Reference
151894
Sponsor
ALD. HAMILTON
Title
Resolution relating to the sale of Milwaukee Public Schools property in accordance with Wisconsin Statutes Section 119.61.
Analysis
This resolution authorizes the sale of the former Carleton School property at 4116 West Silver Spring Drive to AndersonWebb LLC and establishes the terms of the sale according to the Land Disposition Report.
Body
Whereas, The former Carleton School (the “Property”), located at 4116 West Silver Spring Drive, was declared surplus by the Milwaukee Board of School Directors in 2012; and
Whereas, Section 119.61, Wisconsin Statutes, requires that the City Clerk must post public notice of available surplus Milwaukee Public Schools property for 24 consecutive months, and during that period, such property may be sold only to education operators as determined by the Common Council of the City of Milwaukee (the “Common Council”); and
Whereas, Notice of the availability of the Property was posted on the City of Milwaukee’s (“City”) website beginning January 26, 2016; and
Whereas, File No. 151894, adopted by the Common Council on November 1, 2016, approved the sale to Rocketship Education, Inc.; and
Whereas, Rocketship subsequently withdrew its offer to purchase as a result of escalating costs to renovate the Property for school use; and
Whereas, The City relisted the Property for adaptive reuse on March 1, 2018; and
Whereas, AndersonWebb LLC (“Buyer”) submitted a proposal on January 4, 2019 to purchase the Property for $220,000, based on the appraised value as established by an independent appraisal completed by The Nicholson Group LLC in March, 2016; and
Whereas, The Buyer proposes to invest an estimated $16,000,000 to purchase and renovate the Property for residential use; and
Whereas, The Department of City Development (“DCD”) has reviewed the offer and development proposal from the Buyer and has determined that the offer and proposal represent fair compensation for the Property; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Land Disposition Report for the Property, a copy of which is attached to this Common Council File, is approved and that DCD is authorized to provide the Buyer with site control and to enter into a Purchase and Sale Agreement with the Buyer, or assignee, materially consistent with the Land Disposition Report, and then convey the Property to the Buyer in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the Site Control Letter, 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, including any needed easements and/or releases of deed restrictions; and, be it
Further Resolved, That the sale proceeds, less sale expenses, shall be deposited in the Milwaukee Public Schools Operations Fund, in accordance with Sections 119.46 and 119.61(5), Wisconsin Statutes.
Drafter
DCD:Rhonda.Szallai:rs
04/16/19/A