Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Asset Transfer topic
No spam. Unsubscribe anytime.
Lamar council approves assignment of Floyd Valley Apartments land lease to THR Floyd LLC
Summary
The Lamar City Council on July 15 approved Resolution 25-30 to allow Weinberg Investments Inc. to assign the land lease for Floyd Valley Apartments to THR Floyd LLC, contingent on a successful closing; the buyer is affiliated with Trinity Housing Resources of Milwaukee and the seller's representative said closing is expected in about 45–60 days.
The Lamar City Council voted unanimously July 15 to adopt Resolution 25-30 approving the assignment of the land lease for Floyd Valley Apartments from Weinberg Investments Inc. to THR Floyd LLC, contingent on the successful closing of the sale.
The vote followed a public hearing the council had set at its July 1 meeting. The seller’s representative, Roger Quadran, said he was appearing to answer council questions about the purchaser and the property’s condition. Quadran identified THR Floyd LLC as the project-specific limited liability company used by Trinity Housing Resources, a Milwaukee-based nonprofit, to hold the property.
The council adopted the resolution by roll call with all members voting in favor. The assignment is contingent on the sale closing between Weinberg Investments Inc. and THR Floyd LLC.
Why it matters: the decision clears a municipal step needed for ownership to transfer; the new entity is tied to a nonprofit that typically holds projects under single-purpose LLCs. Council members and a member of the public raised concerns about building maintenance, including the elevator.
Details and discussion: Quadran said the apartment’s elevator “was completely upgraded, modernized with a new cab” last year and that it meets current code standards and is operating. After the vote, Quadran told the council he expected closing to occur “somewhere 45 days from now, roughly. 45 to 60 days from now.”
The council’s action was recorded as Resolution 25-30. The motion to adopt the resolution was seconded and carried on a unanimous roll call (Pick — yes; Goodchild — yes; Wick — yes; Bruns — yes; Sturgeon — yes). The resolution text approved “the assignment of the Floyd Valley Apartments land lease from Weinberg Investments Inc. to THR Floyd LLC contingent upon the successful closing of the transaction between the above two entities,” according to the motion recorded in the minutes.
Next steps: the assignment will take effect only if and when the underlying sale closes. The council record does not specify additional conditions beyond the contingency on closing, and no follow-up dates were scheduled at the meeting.
