Number
241036
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the transfer of nine vacant residential lots from the Neighborhood Improvement Development Corporation to the City of Milwaukee, so that the Department of City Development may market and sell the lots for development and/or through the Side Lot Sale Program, in the 12th and 15th Aldermanic Districts.
Analysis
This substitute resolution authorizes the transfer of Neighborhood Improvement Development Corporation owned property to the City of Milwaukee according to the conditions in a Land Disposition Report.
Body
Whereas, Neighborhood Improvement Development Corporation (“NIDC”) owns nine vacant lots which are excess to their future plans and desires to dispose of these lots; and
Whereas, The City of Milwaukee (“City”) is willing to take over ownership of these lots in order to market them for future sale and development; and
Whereas, NIDC and the Department of City Development (“DCD”) recommend this transfer of the lots 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 NIDC is authorized to enter into a Purchase and Sale Agreement (“PASA”) with City, materially consistent with the LDR and then convey the property to City, 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.
Drafter
DCD:Tess.Wynn:tw
11/08/24