powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 220287    Version: 0
Type: Resolution-Immediate Adoption Status: Passed
File created: 6/21/2022 In control: COMMON COUNCIL
On agenda: Final action: 6/21/2022
Effective date:    
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.
Sponsors: ALD. LEWIS
Indexes: DEED RESTRICTIONS
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of Milwaukee on a former City-owned vacant lot that imposed certain requirements on the buyer to complete and that are no longer applicable.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...

Click here for full text