Fiscal Note
Sufficient funds for the proposed acquisition cost, prorated real estate taxes and related closing costs of approximately $437,000 are available in the Water Utility capital budget, project #6, Zone 4 Fire Flow Supply Augmentation (810517).
Title
Authorizing the execution of an Offer to Sell Real Estate with Genesis Commons LLC for the purchase of Lot 9 in the Final Genesis Plat for the development of a high capacity well in the southeast side of Madison.
Body
WHEREAS, The Madison Water Utility Water Master Plan of December, 2008 identified the southeast part of the City of Madison as an area in need of improved fire protection and system redundancy and,
WHEREAS, The Madison Water Utility Board authorized on December 15, 2009 drilling a new well as the best solution to address the needs of fire protection and redundancy.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison authorizes an Offer to Sell and Purchase (“Offer”) to Genesis Commons LLC or assigns (the “Seller”) for approximately 3.04 acres of land located at 4901 Tradewinds Parkway ( the “Property”), as shown and identified on attached Exhibit A, subject to the following terms and conditions:
1. Description. The Seller agrees to sell to the Buyer, and the Buyer agrees to purchase from the Seller, the Property. The Property is shown on Exhibit A and is legally described as Lot 9 of the Genesis Plat recorded on June 10, 2011 in Volume 59-091A of Plats on Pages 419-421 as Document No. 4770373, Dane County Register of Deeds, Madison, Wisconsin.
2. Purchase Price. The total purchase price to be paid by Buyer to Seller for Seller’s conveyance of fee simple ownership of the Real Estate (the “Purchase Price”) shall be Four Hundred Thirty Three Thousand Three Hundred and Sixty One Dollars ($433,361). The Purchase Price shall be payable in cash at closing, subject to the adjustments and prorations herein provided.
3. Earnest Money. Following Common Council approva...
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