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Resolution approving a Satisfaction of Mortgage, originally granted by Pressed Steel Tank Co. to the City of West Allis for the property located at 14** S. Six Points Crossing (Tax Key Nos. 454-0651-000 and 454-0652-000) and 65** W. Lapham St. (Tax Key No. 454-0269-000).
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WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") is the current owner of the 7.584-acre parcel in the vicinity of the Six Points/Farmers Market Redevelopment Area, located at 14** S. Six Points Crossing (Tax Key No. 454-0651-000) ("Property 1") and the City of West Allis (the "City") owns the properties located at 14** S. Six Points Crossing (Tax Key No. 454-0652-000) ("Property 2") and 65** W. Lapham St. (Tax Key No. 454-0269-000) ("Property 3") (collectively the "Properties"); and,
WHEREAS, Pressed Steel Tank Co. ("PST"), previous owner of the Properties, granted the City of West Allis (the "City") a $187,500 Real Estate Mortgage in 1992 for the Properties; and,
WHEREAS, it is necessary for the City to grant a Satisfaction of Mortgage in order for title to be cleared on the Properties; and,
WHEREAS, the City and Authority wish to create additional tax base and foster job creation for the City through the sale and redevelopment of the Properties; and,
WHEREAS, Mandel Group Properties, LLC ("Mandel") has submitted to the Authority, an Option to Purchase (the "Option") for Property 1 with the intention of developing an approximate 30,000 square foot office building and approximately 177 contemporary apartments on the Property; and;
WHEREAS, the Satisfaction of Mortgage on the Properties is necessary in order for Mandel to proceed with the proposed development; and,
WHEREAS, the Authority recommends that the City approve a Satisfaction of Mortgage on the Properties.
NOW, THEREFORE BE IT RESOLVED by the Common Council of the City of West Allis, as follows:
1. Approves a Satisfaction of Mortgage, originally granted by Pressed Steel Tan...
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