Is the proposed sale of O'Donnell Park the best deal available? Can Milwaukee County do better?
MILWAUKEE COUNTY (WITI) -- Milwaukee County officials are split over whether a proposed sale of O'Donnell Park is the best deal available. Under the current offer, the county would sell the park and garage to Northwestern Mutual for $14 million.
The math is laid out for Milwaukee County Supervisors in a memo. O'Donnell Park would sell for $14 million. Northwestern Mutual would get a $13 million credit for needed repairs. The county would pay off the remaining debt on the property and be left with $5 million.
At least one County Supervisor wonders whether the county can do better.
In 2012, the O'Donnell Parking Garage brought Milwaukee County nearly $1 million in revenue.
Milwaukee County Supervisor Michael Mayo wonders whether a $5 million profit on the proposed sale would make up that lost revenue in the long run.
"That $5 million is one time -- one lump sum, and they said they’re gonna spread it around the county to all the parks and that’s gone within three months. I’m looking at the future," Mayo said.
Supervisor Deanna Alexander fully supports the proposed sale -- partly because the garage is expected to make less money going forward.
"Expected revenues for 2015, 16, and 17 and between $100,000 and $300,000 and that doesn’t even take into account all the liability we’ll have going forward in doing further repairs to that property," Alexander said.
Mayo says an even more important question is whether the county can sell O'Donnell Park for more than $14 million.
"I don’t want people to think I’m greedy, but we can ask for more money and put an endowment for the Parks System -- particularly the O’Donnell area," Mayo said.
"I think it’s really easy to sit back and think about what extravagant prices the county could demand for this property. However, we have an appraisal in front of us that’s open to public scrutiny and as far as I can tell, the appraisal was actually generous," Alexander said.
While Mayo says he'd be fine with Northwestern Mutual buying the property, but he says he wants to make sure it's the best deal possible.
"You are getting one of the nicest pieces of real estate in the state of Wisconsin and once you sell it, you can’t get it back," Mayo said.
The county's Economic Development Director will present his full report on the proposed sale to different County Board committees Monday and Tuesday next week. Those will be informational meetings and there will not be any votes at that time.
CLICK HERE to view Northwestern Mutual's planned vision for Milwaukee's lakefront.
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