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HACM approves revised sale terms for 421 E. Locust to Kinship Milwaukee to speed closing
Summary
The authority amended a previously approved offer to purchase 421 East Locust to allow an earlier closing and to remove an owner's-rep contingency; outside counsel said the change was reasonable and the board approved the amendment.
The Housing Authority voted on Feb. 12 to approve an amendment to the previously authorized offer to purchase 421 East Locust Street by Kinship Milwaukee, Inc., a buyer planning a community food center adjacent to Holton Terrace.
Ken (staff member) and Michelle Evan, outside counsel with Michael Best, told commissioners that the buyer requested two changes to the October purchase agreement: a faster closing date (the buyer proposed closing Feb. 19) and removal of a contingency that required a specific owner-representative agreement with the authority’s development arm. Counsel said the individual originally identified by the buyer is no longer affiliated with the development arm, and Kinship asked to remove the contingency so it could close sooner.
Michelle Evan told the board the amendment was short and limited to the two changes; she described the request as reasonable and said the authority’s legal team and Trevo development staff reviewed it. Ken said he had consulted with Kinship’s executive director and that Kinship’s board was concerned but reassured by the authority’s continued role in providing the land.
Commissioners approved the amended offer by roll-call vote.
The amendment allows the buyer to close earlier while preserving the authority’s decision to provide land for Kinship’s planned food center. Counsel and staff said the buyer retains discretion to choose an owner’s representative for construction work after closing, and the authority will continue coordination on the project.
