City of Milwaukee - File #: 190939

• File #: 190939
• Version: 2
• Type: Resolution
• Status: Placed On File
• File created: 9/24/2019
• In control: COMMON COUNCIL
• Final action: 12/17/2019
• Title: Substitute resolution relating to the sale of the City-owned tax deed property located at 2903-05 North 48th Street, in the 7th Aldermanic District.
• Sponsors: ALD. RAINEY
• Indexes: CITY PROPERTY, PROPERTY SALES

Date	Ver.	Action By	Action	Result	Tally
12/17/2019	2	COMMON COUNCIL	PLACED ON FILE	Pass	15:0
12/10/2019	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	5:0
12/4/2019	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/29/2019	1	CITY CLERK	DRAFT SUBMITTED
10/29/2019	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Ald. Perez moved substitution of the file with Proposed Substitute A. (Prevailed 4-0)	Pass	4:0
10/29/2019	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Ald. Stamper joined the committee at 9:07 a.m. Individuals appearing: Martha Brown, Dept. of City Development Amy Turim, Dept. of City Development Stephanie Holt Gregg Hagopian, City Attorney's Office	Pass	5:0
10/24/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/24/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/24/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/24/2019	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
9/24/2019	0	COMMON COUNCIL	ASSIGNED TO

Number

190939

Version

SUBSTITUTE 2

Reference

Sponsor

ALD. RAINEY

Title

Substitute resolution relating to the sale of the City-owned tax deed property located at 2903-05 North 48^th Street, in the 7^th Aldermanic District.

Analysis

This resolution authorizes the sale of City-owned Neighborhood Property located at 2903-05 North 48^th Street, in the 7^th Aldermanic District in accordance with the $2,500 offer negotiated with Stephanie Holt.

Body

Whereas, Stephanie Holt has conducted extensive research into the value of the City-owned property located at 2903-05 North 48^th Street, in the 7^th Aldermanic District, during the course of Ms. Holt’s efforts to buy this property; and

Whereas, Ms. Holt maintains the scope of work to rehab this property exceeds the projected market value of the property after rehab; and

Whereas, Ms. Holt has negotiated a $2,500 offer to buy this City-owned property; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the $2,500 offer negotiated with Stephanie Holt for the property at 2903-05 N 48^th is accepted; and, be it

Further Resolved, That the Commissioner of DCD, or the Commissioner’s designee, is authorized to execute an Offer to Purchase, deed and all needed closing documents, including any needed easements and/or releases of deed restrictions; and, be it

Further Resolved, That if the sale does not close by February 28, 2020, the negotiated sale shall be deemed null and void; and, be it

Further Resolved, That any sale proceeds, less all sale and marketing expenses and a 30 percent disposition fee paid to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund as required by s. 304-49-12 of the Code of Ordinances.

Requestor

Drafter

LRB 175104 - 2

Aaron Cadle

October 29, 2019