Fiscal Note
The proposed resolution authorizes the purchase of property on South Park Street at a cost of $3,765,000. A portion of the purchase, $2,400,000, will be funded from the Parks Division's 2023 Adopted Capital Budget from the Land Acquisition program. Funding of $2,286,000 from Economic Development's 2023 TID 51 capital budget will be used to cover the remaining purchase costs as well as demolition and remediation costs. Additionally, the proposed resolution amends Economic Development's 2023 capital budget to utilize $2,400,000 in proceeds from TID 39 to assist the seller of the property with relocation.
Title
Amending the 2023 Economic Development Division TID 39 Capital Budget by $2,400,000, authorizing the use of $2,286,000 of existing 2023 Economic Development Division TID 51 Capital Budget, and authorizing the execution of a Purchase and Sale Agreement (the “PSA”) for the purchase of 1800, 1802 and 1804 South Park Street, Madison, WI (the “Properties”) from All Metals Real Estate LLC and BAVVLE LLC (the “Seller”).
Body
WHEREAS the City wishes to continue to implement the South Madison Plan, adopted on January 4, 2022, (RES-22-00026, Legistar ID 68084), and
WHEREAS, the City is committed expanding park spaces to those areas of the City that have been underserved and providing opportunities for affordable housing, and
WHEREAS, the acquisition of the properties at 1800 South Park St, 1802 South Park St, and 1804 South Park St (collectively, the “Property”), will further implement the South Madison Plan by allowing an expansion of Heifitz Park, relocating an existing recycling business, and creating future opportunities for additional housing in South Madison,
WHEREAS, the Parks Division’s 2023 Adopted Capital Budget authorizes $2,400,000 in Land Acquisition Program #17128 [Munis #14620-51-110] to assist with the acquisition of the Property
NOW THEREFORE BE IT RESOLVED, that the Common Council authorizes an expenditure of up to $2,286,000...
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