City of Madison - File #: 47522

• File #: 47522
• Version: 1
• Name: 10432 Pinney Library PSA; RDC Development
• Type: Resolution
• Status: Passed
• File created: 5/30/2017
• In control: FINANCE COMMITTEE
• On agenda: 6/20/2017
• Final action: 6/20/2017
• Enactment date: 6/21/2017
• Enactment #: RES-17-00539
• Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and RDC Development, LLC for the acquisition of a gray box condominium unit for the relocation of the Pinney Library, and authorizing funds to pay for said unit.
• Sponsors: Paul R. Soglin, David Ahrens, Barbara Harrington-McKinney, Larry Palm, Marsha A. Rummel, Amanda Hall

Date	Ver.	Action By	Action	Result
6/20/2017	1	COMMON COUNCIL	Adopt	Pass
6/12/2017	1	FINANCE COMMITTEE	Return to Lead with the Recommendation for Approval	Pass
6/6/2017	1	MADISON PUBLIC LIBRARY BOARD	Refer
6/6/2017	1	COMMON COUNCIL	Refer	Pass
6/1/2017	1	MADISON PUBLIC LIBRARY BOARD	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/30/2017	1	Economic Development Division	Referred for Introduction

Fiscal Note
The 2017 Adopted Capital Budget includes $6,400,000 within the Library budget to construct a new Pinney Neighborhood Library (Munis project #10002). The total estimated project cost is $11,710,000 funded by GO Borrowing ($9,210,000) and Private Contributions/Donations ($2,500,000). The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and RDC Development, LLC for the acquisition of a gray box condominium unit for the library for $3,087,807. In addition to the purchase price, the City is budgeting a contingency of $112,193.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and RDC Development, LLC for the acquisition of a gray box condominium unit for the relocation of the Pinney Library, and authorizing funds to pay for said unit.
Body
The Madison Public Library has determined that its current 11,200 square foot (“s.f.”) Pinney branch library located at 204 Cottage Grove Road is not adequate to serve the residents that utilize this facility. The lease for this space has extension options out until December 31, 2018.

The City of Madison has negotiated with RDC Development, LLC (“Seller”) to acquire a 20,000 s.f. “gray box” condominium unit (“Library Space”) on the first floor level of west wing of the to be developed mixed-use building (“Building”) located at 516 Cottage Grove Road, Madison, WI. This Building is part of the a mixed-use development (“Development”) that will also include 86 residential units, 96 underground parking stalls, 141 surface parking stalls, the Library Space, 16,600 s.f. of commercial space, an atrium, and joint access drives. The Development is situated on a lot that is roughly 136,599 s.f. (“Condo Lot”). The west wing and east wing will be connected by the atrium.

The Development is part of the overall project known as Royster Corners (“Project”). The Condo Lot abuts three lots and a new lot to be formed that will be a...