Page 77 - 2018 Village of Sturtevant Ordinances

State of Wisconsin County of Racine Village of Sturtevant

RESOLUTION 2018-09
(1-11-18)

RESOLUTION BY THE ECONOMIC DEVELOPMENT AND REDEVELOPMENT
COMMITTEE AUTHORIZING THE SALE OF THE VILLAGE OWNED

PROPERTY IN THE LOUMOS HEIGHTS SUBDIVISION, LOTS 1-26, TO
TNG 29, LLC

WHEREAS, the Village of Sturtevant purchased land in1998 for storm
water and road projects; and

WHEREAS, part of the land purchased from the Willow Road construction
project was platted as “Loumos Height Subdivision” in 2006; and

WHEREAS, the Village Board adopted Restrictive Covenants for the
“Loumos Heights Subdivision per Resolution 2007-27; and

WHEREAS, the Village of Sturtevant was unable to sell the lots due to the
recession that occurred in 2008; and

WHEARAS, the Village of Sturtevant would like to sell the lots to get them
added to the tax roll; and

WHEREAS, TNG 29, LLC has made an offer to the Village of Sturtevant
for the purchase of the Loumos Heights Subdivison, Lots 1-26, in the amount of
$910,000; and

WHEREAS, the Village Board of Trustees has determined that it would be
in the best interests of the Village to sell all of these parcels to a single developer
and return it to the tax roll.

NOW THEREFORE, the Village Board of the Village of Sturtevant, Racine
County, Wisconsin does hereby resolve that:

1. The sale of Lots 1-26 in the Loumos Heights Subdivision, which is
further described in Exhibit A1 which is attached hereto and incorporated herein,
for $910,000 is authorized and approved, provided the following:

A. That all costs associated with the sales transaction (with the
exception of time of Village of Sturtevant staff or consultants)
will be paid by the buyer.

B. The closing shall take place no later than March 31, 2018 but
the Village Administrator is authorized to extend the date for
closing at her discretion.

2. That the Village President and the Village Clerk are authorized
to execute deeds, contracts, agreements or other documents
necessary to carry out the intent of this resolution.

3. The funds received from the transaction shall be added to the
General Fund Balance (Fund 101).