Fiscal Note
The City purchased the Union Corners/Winnebago Street properties in 2010 for approximately $3.577M (including pro-rated taxes and closing costs). The properties are located within an established Tax Increment District (TID #37). As such, the debt service of approximately $420,000 per year is attributed to the TID. Upon sale of the properties, sale proceeds will be credited to the TID. If the sale proceeds exceed the City's purchase price, the allocation of the additional funds will be subject to Council approval in a future Resolution.
Title
SUBSTITUTE - Accepting the Land Banking RFP Process Report dated May 8, 2012, authorizing the drafting of a Request for Proposals to purchase and develop the Union Corners Properties located at 2507, 2504, and 2340 Winnebago Street, and creating an ad hoc Union Corners Committee to approve and release the Request for Proposals and review and select proposals submitted for recommendation to the Common Council in accordance with the process recommendation outlined in the Land Banking RFP Process Report.
(Note changes to the section dealing with the Union Corners Committee.)
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WHEREAS, the City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison; and,
WHEREAS, the City’s Economic Development Committee approved guidelines (attached) for the purchase and sale of land acquired with Land Banking Funds; and,
WHEREAS, the City used the Land Banking Fund to purchase properties located at 2507, 2504, and 2340 Winnebago Street (“Union Corners Properties”), as shown in the attached Exhibit; and,
WHEREAS, City staff has reviewed the process used to dispose of other properties purchased with the Land Banking Fund; and,
WHEREAS, City staff has summarized their review and provided a future process recommendation in the Land Banking RFP Process Report (attached); and,
WHEREAS, the creation of an ad hoc Union Corners Committee is required to sell...
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