Title
Resolution to release the City of West Allis's reacquisition rights for three parcels that are comprised of McKinley Park (Tax Keys: 440-0213-002, 440-0213-003, 440-0004-001).
Body
WHEREAS, in 2014, the City of West Allis ("City") sold three parcels (Tax Keys: 440-0213-002, 440-0213-003, 440-0004-001) ("the Property") of land that comprised McKinley Park, to the School District of West Allis-West Milwaukee, et al; and,
WHEREAS, as a condition of the sale of the Property outlined in a Memorandum of Agreement (the "Agreement") dated September 29, 2014 and approved on April 15, 2014 by Resolution No. R-2014-0094, hereby incorporated herein for reference, the City retained that right to repurchase the Property for One Dollar upon such time that the School District of West Allis-West Milwaukee, et al, decided to sell the Property; and,
WHEREAS, per the Agreement, the City received notification from the School District of West Allis-West Milwaukee, et al, on September 28, 2017 of their intent to sell the Property; and,
WHEREAS, per the Agreement, upon receipt of the notification from the School District of West Allis-West Milwaukee, et al, the City has 30 days to inform the School District of its intent to repurchase the Property; and,
WHEREAS, by the Common Council not exercising its rights under the Memorandum of Agreement for the reacquisition of land, consents to the sale of land by the School District of West Allis-West Milwaukee, et al, subject to the following conditions: 1) the Property is sold to Cobalt Partners LLC or its successors or assigns; 2) a neighborhood park must be reestablished subject to the approval of the City and aligned with all covenants and conditions that are attached to the Property; and 3) the buyer must enter into a Development Agreement with the City of West Allis and seek necessary City approvals for the reuse of the land.
WHEREAS, if the Common Council does not waive its rights under the Agreement, staff is direct...
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