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File #: 210709    Version:
Type: Resolution Status: Passed
File created: 9/1/2021 In control: COMMON COUNCIL
On agenda: Final action: 9/21/2021
Effective date:    
Title: Substitute resolution authorizing the transfer of up to $192,000 from the Common Council Contingent Fund to the City Attorney’s Office’s Damages and Claims Special Purpose Account for the purpose of paying the judgment against the City of Milwaukee in the adversary proceeding entitled City Wide Investments, LLC v. City of Milwaukee, U.S. Bankruptcy Court Eastern District of Wisconsin, Case No. 17-22900, Adv. No. 17-02115.
Sponsors: THE CHAIR
Indexes: CITY ATTORNEY, CONTINGENT FUND, SUITS PAYMENT
Attachments: 1. Hearing Notice List
Number
210709
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR

Title
Substitute resolution authorizing the transfer of up to $192,000 from the Common Council Contingent Fund to the City Attorney’s Office’s Damages and Claims Special Purpose Account for the purpose of paying the judgment against the City of Milwaukee in the adversary proceeding entitled City Wide Investments, LLC v. City of Milwaukee, U.S. Bankruptcy Court Eastern District of Wisconsin, Case No. 17-22900, Adv. No. 17-02115.

Analysis
Resolution authorizing the transfer of up to $192,000 from the Common Council Contingent Fund to the City Attorney’s Office’s Damages and Claims Special Purpose Account for the purpose of paying the judgment against the City of Milwaukee in the adversary proceeding entitled City Wide Investments, LLC v. City of Milwaukee, U.S. Bankruptcy Court Eastern District of Wisconsin, Case No. 17-22900, Adv. No. 17-02115.

Body
Whereas, a judgment was entered against the City of Milwaukee in the adversary proceeding entitled City Wide Investments, LLC v. City of Milwaukee, U.S. Bankruptcy Court Eastern District of Wisconsin, Case No. 17-22900, Adv. No. 17-02115, and

Whereas, the unpaid principal balance of the judgment is $180,106.26 plus interest, for a total that will not exceed $192,000 before October 31, 2021; and

Whereas, the City has exhausted its appeal rights for the above judgment; and

Whereas, City Wide Investments, LLC (“Debtor”) is delinquent on property tax payments for seven other properties it owns in the City of Milwaukee, with total delinquent taxes exceeding $192,000; and
Whereas, parties have agreed to set off their respective claims such that the City would satisfy Debtor’s delinquent taxes on the properties shown below, up to a total amount of $192,000 inclusive of interest, wi...

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