Number
260485
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. CHAMBERS
Title
Substitute resolution approving a term sheet authorizing the City of Milwaukee to enter into a lease with AFS Milwaukee, LLC, for a portion of the property at 5825 West Hope Avenue, in the 2nd Aldermanic District.
Analysis
This substitute resolution authorizes the City of Milwaukee to enter into a lease option and, eventually, a lease with the owner of 5825 West Hope Avenue so that the City, as a long-term tenant, may use the parcel for municipal- or community-related purposes.
Body
Whereas, The former Walmart Store located at 5825 West Hope Avenue is owned by AFS Milwaukee, LLC (“Owner”); and
Whereas, The Owner has been approved by the City Plan Commission to build out a self-service storage facility for up to 108,000 square feet in the former Walmart Store; and
Whereas, The Owner is willing to lease the remaining approximately 51,000 square feet of former Walmart retail space plus use of the parking lot at the site (“Premises”) to the City of Milwaukee (“City”) on a long-term basis for municipal- or community-related purposes; and
Whereas, The Premises can be used for a City-operated library branch and/or for community focused uses, which include any City-operated use or any use by another government, non-profit, or community-focused entity as City deems appropriate for any use consistent with the zoning code; and
Whereas, The Owner and the City’s Department of City Development and City Attorney’s Office negotiated the term sheet for lease of the Premises that was submitted to this file (“Term Sheet”); and
Whereas, The City and the Owner shall sign a binding lease option by August 31, 2026, for a period of no more than 3 years that incorporates the terms of this Term Sheet and requires the parties to enter into a lease agreement upon the completion of various items of due diligence by the City if the City finds that the Premises is suitable for its municipal- or community-...
Click here for full text