Fiscal Note
The proposed resolution authorizes the sale of eight vacant residential lots from the City to Tri-State Custom Construction, LLC for the sale and construction of owner-occupied homes. The anticipated total settlement price to be paid to the City is $239,680 minus real estate costs for title work and miscellaneous closing costs. Net proceeds to the City will be deposited into the General Land Acquisition Fund.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Tri-State Custom Construction LLC, for the City’s disposal of eight vacant residential lots located in the Owl’s Creek Subdivision. (16th A.D.)
Body
WHEREAS, in 2014 the City of Madison (“City”) purchased one outlot and 50 vacant residential lots within the Owl’s Creek Subdivision (“Owl Creek Lots”) on Madison’s south-east side, in the general area depicted on the attached Locator Map, for the settlement amount of $510,000, as authorized by File ID No. 34538, Resolution Enactment No. RES-14-00574, adopted by City Common Council on August 5, 2014 (“Authorizing Resolution”); and
WHEREAS, per the Authorizing Resolution, rationale for the City’s purchase of the Owl Creek Lots included mitigating challenges in the neighborhood and providing the City with “the opportunity to have a significant impact on the timing and quality of the development in the Owl’s Creek neighborhood”; and
WHEREAS, on November 11, 2017, Common Council accepted a Report, File ID #48236, containing the Owl Creek Assessment and Strategic Plan (“Plan”) along with the Racial Equity and Social Justice Initiative assessment of the Plan; and,
WHEREAS, following guidance in the Plan to complete the build out of the neighborhood, in 2020 Economic Development Division staff completed a Request for Proposals process, City RFP #8966-0-2020-BG, and three buyer-developers were selected to which the City intends to sell approximately half of the Owl Creek Lots; and,
WHEREAS, the sale o...
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