Number
241030
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution authorizing the sale and approving a Land Disposition Report for the City-owned tax deed property at 3929-3931 North Teutonia Avenue, in the 6th Aldermanic District.
Analysis
This resolution authorizes the sale of City-owned Property at 3929-3931 North Teutonia Avenue according to the conditions in a Land Disposition Report pursuant to Section 304-49-5 and 304-49-8, Milwaukee Code of Ordinances.
Body
Whereas, The City of Milwaukee (“City”) acquired 3929-3931 North Teutonia Avenue (the “Property”), through property tax foreclosure on January 14, 1981; and
Whereas, The Department of City Development (“DCD”) accepted an unsolicited Proposal to Purchase the Property to create green space and parking and DCD recommends sale to Alexander Echols (the “Buyer”), or its assignee, to acquire the Property as summarized in a Land Disposition Report (“LDR”) and a Due Diligence Checklist (“DDC”), copies of which are attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the LDR and DDC are approved and that DCD is authorized to enter into a Purchase and Sale Agreement (“PASA”) with the Buyer, or assignee, materially consistent with the LDR and then convey the property to the Buyer, or assignee, in accordance therewith; and, be it
Further Resolved, That the Commissioner of DCD, or designee, is authorized to sign the PASA, 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 cost reimbursement to the Redevelopment Authority of the City of Milwaukee, shall be credited to the Delinquent Tax Fund.
Drafter
DCD:Rosita.Ross:rr
11/06/24/A