Fiscal Note
There is no fiscal impact associated with the declaration of intent to sell the property. Terms of the sale will be presented in a separate resolution to the Council for its approval. Any sale proceeds will be credited to the Water Utility.
Title
Approving the intent of the Water Utility to sell its administrative office building located at 517-523 East Main Street to Block 115, LLC. 6th Ald. Dist.
Body
Preamble
The Water Utility has declared its administrative office building located at 517-523 East Main Street surplus to its needs when it moves into its new offices in July 2005. City surplus property procedures provide that other City departments must be notified of the surplusing of the property and provided an opportunity to express their interest in the property. If no City department expresses its interest in the property the CEDU Director, with the assistance of the Planning Director and in consultation with the alderperson of the district in which the property is located may determine that it is in the best interests of the City to sell the property by direct sale to the abutting property owner. If these parties determine that it is in the best interests of the City to sell the property to the abutting property owner the intent to sell the property in this way is submitted to the Common Council for approval. If the Council approves this intent to sell, the terms and conditions of the sale shall be arrived at by mutual agreement of the City and the abutting property owner and submitted to the Common Council for approval.
Other City departments have been notified that the property has been surplused but no department expressed interest in acquiring the property. Block 115, LLC has an option to acquire the property that abuts the surplused property and has expressed interest in acquiring the property for incorporation into a planned mixed-use redevelopment project. It has been determined that selling the property to Block 115, LLC, after it has acquired the abutting property, to facilitate its proposed redevelopment project is in the best interests of the City.
NOW THEREFORE BE IT RESOLVED that the Common Council hereby approves of the intent of the Water Utility to sell its administrative office building located at 517-523 East Main Street to Block 115, LLC for incorporation into a proposed mixed-use redevelopment project.
BE IT FURTHER RESOLVED that the City Real Estate Section shall negotiate terms and conditions for the sale of this property to Block 115, LLC and shall submit said terms and conditions to the Common Council for approval.