City of Milwaukee - File #: 210582

• File #: 210582
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/27/2021
• In control: COMMON COUNCIL
• Final action: 9/21/2021
• Title: Resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 540 North 27th Street, in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: CITY PROPERTY, LAND DISPOSITION REPORTS, PROPERTY SALES

Date	Ver.	Action By	Action	Result	Tally
9/22/2021	0	MAYOR	SIGNED
9/21/2021	0	COMMON COUNCIL	ADOPTED	Pass	15:0
9/14/2021	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Dwayne Edwards, Dept. of City Development Taj Pearsall, Buffalo Boss Midwest LLC Larry Adams	Pass	5:0
7/27/2021	0	COMMON COUNCIL	ASSIGNED TO

Number
210582

Version
ORIGINAL
Reference

Sponsor
ALD. BAUMAN
Title
Resolution approving a Land Disposition Report and authorizing the sale of the City-owned tax deed property at 540 North 27th Street, in the 4th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Development Properties according to the conditions in a Land Disposition Report pursuant to Sections 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 540 North 27th Street (“Property”) through property tax foreclosure on November 26, 2019; and

Whereas, Buffalo Boss Midwest LLC (“Buyer”) or assignees, has submitted an unsolicited Offer to Purchase the Property to redevelop as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist, copies of which are attached to this Common Council File; and

Whereas, Section 304-49-8 of the Milwaukee Code of Ordinances allows the City to accept unsolicited Offers to Purchase property when the City receives fair compensation, whether monetary or non-monetary; and

Whereas, The Department of City Development (“DCD”) has reviewed the offer and the development proposal from the Buyer and has determined that the offer and proposal represent fair compensation to the City in terms of the purchase price and investment in the neighborhood; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the offer submitted by the Buyer is accepted; and, be it

Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the 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 LDR and this resolution; and, be it

Further Resolved, That the sale proceeds, less sale and marketing expenses and a 30 percent disposition fee to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Del...