City of Racine - File #: Res.11-2704

• File #: Res.11-2704
• Version: A
• Name: Offer to purchase 1526 Washington Avenue.
• Type: Resolution
• Status: Passed
• File created: 8/16/2011
• In control: City Attorney's Office
• Final action: 8/16/2011
• Title: Offer to purchase 1526 Washington Avenue. Resolved, that the Common Council approve the sale of 1526 Washington Avenue to Mei H. Li and Yudong Zeng. Fiscal Note: Purchase price $111,000; cash offer, no financing contingency, buyer has provided proof of sufficient available funds.The Authority listed the building at $120,000. The net sale, after broker's commission, will be approximately $104,340. Proceeds will be applied to the expenses of the Uptown redevelopment, particularly funds advanced from Tax Incremental District No. 16.
• Sponsors: Q.A. Shakoor II
• Related files: 11-6721

Date	Ver.	Action By	Action	Result
8/16/2011	A	Common Council	Adopted	Pass

Sponsor

Alderman Shakoor

Title

Offer to purchase 1526 Washington Avenue.

Resolved, that the Common Council approve the sale of 1526 Washington Avenue to Mei H. Li and Yudong Zeng.

Fiscal Note: Purchase price $111,000; cash offer, no financing contingency, buyer has provided proof of sufficient available funds.The Authority listed the building at $120,000. The net sale, after broker's commission, will be  approximately $104,340. Proceeds will be applied to the expenses of the Uptown redevelopment, particularly funds advanced from Tax Incremental District No. 16.