IMMEDIATE ADOPTION
Number
220287
Version
ORIGINAL
Reference
Sponsor
ALD. LEWIS
Title
Resolution terminating rights to repurchase and restrictions in the warranty deed from the City of Milwaukee to Meyer Retaining Ring Co., Inc., in the 9th Aldermanic District.
Analysis
This resolution removes deed restrictions approved by the City of Milwaukee on a former City-owned vacant lot that imposed certain requirements on the buyer to complete and that are no longer applicable.
Body
Whereas, By that certain Warranty Deed dated October 21, 1988 and recorded with the Register of Deeds for Milwaukee County, Wisconsin on March 28, 1989 on Reel 2315, Image 578 as Document Number 06263265 (the “Deed”), the City of Milwaukee, Wisconsin (“City”) conveyed to Meyer Retaining Ring Co., Inc. certain real property situated in the City, County of Milwaukee, State of Wisconsin, being Parcel 3 of Certified Survey Map No. 5172, being a division of Parcels 1 and 2 of Certified Survey Map No. 5025 in the Northwest 1/4 and Southwest 1/4 of the Southwest 1/4 of Section 9, Township 8 North, Range 21 East, and having an address of 8888 West Tower Road, Milwaukee, Wisconsin 53223 (the “Property”); and
Whereas, The Deed gave the City certain rights to repurchase the Property if a building was not constructed on the Property within six (6) months thereafter (the “Repurchase Rights”); and
Whereas, The Deed also imposes certain restrictions that encumber the Property (the “Restrictions”); and
Whereas, Certain of the Restrictions are automatically extended for successive periods of ten (10) years each, unless a resolution adopted by the Common Council of the City of Milwaukee (“Common Council”) has been recorded, agreeing to change, modify or amend the Restrictions in whole or in part; and
Whereas, Meyer Retaining Ring Co., Inc. sold the property in 2011 to RTM Management Corp, the fee simple owner of the Property, and leased it back to Meyer Retaining Co., Inc.; and
Whereas, RTM Man...
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