Fiscal Note
The proposed resolution authorizes the Economic Development Division Director, or designee, to participate in and bid on behalf of the City at a Dane County public auction for the foreclosure sale of the property located at 13 Lakeshore Court for future incorporation with Olin Park. Per the Notice of Foreclosure Sale, the minimum bid amount for the property is $407,061.37. The current assessed value is $460,000 for this apartment-type building. Based on recent appraisals of adjacent and nearby properties reviewed and approved by the Office of Real Estate Services, as well as other online resources, an estimated acquisition price of $500,000 is justified for the property, plus $45,000 in additional related costs. These costs include, but may not be limited to: $12,822 in unpaid taxes (2021 taxes in the amount of $10,590 and 2020 taxes in the amount of $2,232), real estate costs for title work, miscellaneous closing costs, and staff time. In addition, the Parks Division anticipates approximately $75,000 in demolition costs. Total costs up to $620,000 will be funded by impact fees in the Land Acquisition project (Munis project 17128). Funding is available in this project for the purchase of the parcel and associated costs based on the estimate.
Ten percent (10%) of the successful bid must be paid at the sale in cash, cashier’s check or certified funds payable to the Dane County Clerk of Courts. The balance must be paid to the Clerk of Courts in cash, cashier’s check or certified funds within ten (10) days after the date of confirmation of the sale. The proposed resolution would require a cashier’s check estimated to be $62,000 at the time of the auction.
Title
Authorizing the Economic Development Division Director, or designee, to participate in and bid on behalf of the City at the public auction Foreclosure Sale of the Estate of Harold Langhammer and James A. Shapiro for the City’s acquisition of the property located at 13 Lakeshore Court for ...
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