Sponsor
Alderman Morgenroth
Title
Offer to Purchase 1248 Washington Avenue
Resolved, that the lease and sale of 1248 Washington Avenue (Parcel ID No. 10109000) to Robert G. DeMicchi is approved, and that the terms of the lease and sale are as outlined in Exhibit A.
Further resolved, that upon approval of the lease and sale by the Common Council, the Chairperson, Executive Director and City Attorney are authorized and directed to proceed with the lease and sale without further action by the Authority or Council.
Fiscal Note: The lease will net the City payments of $11,250.00 for 2015 and $15,000.00 for 2016. The tenant will receive a $10,000.00 credit towards their 2016 lease payment if facade improvements are completed by December 1, 2015 thus netting to the City $5,000.00 for a 2016 lease payment. The tenant will purchase the property by December 31, 2016 netting the City an additional $43,750.00. The City will pay a $100.00 consideration fee to the purchaser from account 919.