Fiscal Note
This resolution amends the 2006 Parks Division Capital Budget, providing an additional $440,000 in funding for the purchase of a property for Ed Klief Park expansion. Funds are to be derived from SI05 "Platting Fees" and SI32 "Citywide Parkland Fees". There is no anticipated impact upon the tax levy or cost controls.
Title
Authorizing the acceptance of an Offer to Sell from Occasional Partners, LLC, for a two-unit residential income property located at 17-19 S. Orchard Street, and amending the 2006 Parks Division Capital Budget to add funding for Ed Klief Park expansion. 13th Ald. Dist.
Body
PREAMBLE
"The first parcels of land for the Ed Klief Park were acquired by the City of Madison in 1936 to create the MIlton Street Playground. Later, more land was purchased to expand the park. On March 5, 1969 the playground was renamed in memory of Eward Klief (1882-1969). Klief had been a Madison resident for 68 years and had fought to create this park. He hed served as an Alderman in the old Eleventh Ward from 1935 through 1937, and also served as an election official at the polls for many years"... from historical marker at Ed Klief Park.
The Ed Klief Park is one city block bounded by S Orchard St. on the west, S Charter St. on the east, Milton St. on the south and Owen Ct. on the north. The block is identified as Block 3, Eighmy-Ramsay Addition to City of Madison. Only two buildings remain on the block: 17-19 Orchard Street and 21 Orchard Street. It is part of the Parks Division long-range goals to acquire each of these buildings as they become available on the open market to complete the park. Ed Klief Park provides much needed green space and play ground space in a very densely populated area of the City.
This building, located at 17-19 Orchard St., was built in 1921, has two stories, contains one 3 bedroom unit and one 4 bedroom unit and is rented from August 15 to August 15 to students. The lot is approximately 4,180 square feet and has a one-car garage. Both buildings will eventually be removed, leaving only one building to be acquired to complete the neighborhood park.
The owners of 17-19 Orchard Street have indicated their interest in selling their property to the City of Madison and have negotiated the sale with the City of Madison Real Estate Section for the amount of Four Hundred Thousand Dollars ($400.000). The price to purchase the property has been established by an independent appraisal prepared for the City of Madison.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of Madison authorizes the acceptance of an Offer to Sell from Occasional Partners, LLC (the "Sellers") for their property located at 17-19 S. Orchard Street (the "Property"), as shown on the attached map, to further the completion of Ed Klief Park.
BE IT FURTHER RESOLVED that the conditions of the sale include the following
- Purchase price for the Property is $400,000.
- Closing shall occur on or about September 29, 2006; or at a date mutually agreeable to the parties.
- Seller shall transfer existing leases and security deposits to the City for the current tenants. In accordance with Wisconsin Statutes, tenant leases shall be honored to the existing termination date, or 180 days, whichever is longer.
BE IT FURTHER RESOLVED, that funds are authorized to be released from Account No. CL60-58110-810398-00-0000000-60109N06 in the amount of $400,000 for the purchase of the property and in an amount not to exceed $40,000 for closing costs, interim management and maintenance, demolition and related costs.
BE IT FURTHER RESOLVED, that Project #5 "Parkland Acquisition" of the 2006 Parks Division Capital Budget is amended by the addition of $440,000 for Ed Klief Park expansion, and that this funding will be derived from the following sources: $155,677.93 from SI05 (Platting Fees), and $284,322.07 from SI32 (Citywide Parkland Fees).
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to sign any and all documents related to this acquisition that are necessary to complete this project.