Fiscal Note
Funding for this project is included in the 2006 Capital Budget (Library Project No. 1, 810428). The architect design services will be paid in 2006, as authorized on Jan. 17, 2006 by RES-06-00043. The remainder of the funds will not be needed until 2007, which will reduce the anticipated borrowing for 2006. These funds will need to be reauthorized in the 2007 Capital Budget.
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Accepting an Offer to Sell Real Property from Midvale Plaza Joint Venture or its assignee for the purchase of space within the Midvale Plaza located at 525 South Midvale Boulevard and authorizing funds to complete the space for use as a City of Madison Public Library. BY TITLE ONLY. 11th Ald. Dist.
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PREAMBLE
The City of Madison has negotiated with the owners of Midvale Plaza the sale of approximately 19,000 to 20,000 square feet of space for a City of Madison public library within a mixed use development which will include ground level commercial space and up to 4-levels of residential units with underground residential parking. The City will acquire unfinished ground-level condominium space from the owners of Midvale Plaza for the library. Common Council has authorized staff to hire an architect to design the interior of the new library. Upon completion of the design, the City will solicit bids for a public works contract to complete the interior construction of the library space. Completion of the library is scheduled to occur in the fall of 2008 2007. Redevelopment will occur in two phases which will allow the Sequoya Branch Library to stay in its current location until the new library is finished. Upon completion of the library facility the City will enter into a condominium association agreement for the management and maintenance of the development.
WHEREAS, on January 17, 2006, the Common Council authorized staff to prepare a "Request for Qualifications" and advertise for Architect consultant services for interior improvements at Sequoya Branch Library.
NOW, THEREFORE BE IT RESOLVED that the City of Madison (the "City") hereby accepts an Offer to Sell Real Property within the Midvale Plaza from Midvale Plaza Joint Venture or its assignee (the "Seller") for a new library located at 525 South Midvale Boulevard. The conditions of the sale are as follows:
1. The City shall acquire fee simple ownership of a condominium unit consisting of approximately 19,000 to 20,000 square feet of ground level space ("Library Unit") together with an undivided interest in common elements to be located within the newly proposed development of Midvale Plaza ("Development"). Common elements shall include public exit corridors, entrance vestibules, public restrooms, public and service elevators, loading docks, and similar items. The proposed Library Unit location is attached to this resolution.
2. The conveyance shall be by Warranty Deed free and clear of all liens and encumbrances except municipal and zoning ordinances and agreements entered under them, recorded building and use restrictions and covenants.
3. The Seller shall provide to the City at the Seller's expense title insurance together with a gap endorsement and UCC search that shows title to the Library Unit to be in the condition called for under the terms of the sale.
4. The Seller shall be responsible for the construction of the unfinished or "gray box" Library Unit of approximately 19,000 to 20,000 square feet. The City, at its cost, shall be responsible for completing the interior space improvements.
5. The City shall acquire the Library Unit upon completion of the "gray box" construction on or before August 1, 2007. Reasonable extensions to closing the acquisition and transfer of the Library Unit to the City will be granted upon agreement of both Seller and the City.
6. The City shall have the right to review and approve the design of the first phase (southerly half) of the Development that includes the Library Unit. The design review shall include building specifications, ingress, egress, and entrances, loading areas, signage and other design features that affect the Library Unit. The City's design review shall be performed in a timely manner so as not to delay the construction schedule of the Development.
7. The acquisition price of the "gray box" Library Unit that includes the land costs and common elements shall be $158.00 per square foot. The acquisition price shall be due upon completion of the "gray box" facility.
8. The sale of the Library Unit is subject to the City's approval of the Declaration of Condominium plat, condominium association bylaws, condominium fees and any rules and regulations relating to the condominium ownership.
9. The sale of the Library Unit to the City is subject to approval of PUD-SIP zoning for the development of Midvale Plaza.
10. The sale of the Library Unit is subject to the City receiving a Phase One Environmental Site assessment acceptable to City staff.
BE IT RESOLVED, that following design of the interior space, the City architect is authorized to solicit bids for a Public Works contract to complete the Library Unit;
BE IT FURTHER RESOLVED, that this resolution authorizes the Mayor and City Clerk to execute any and all documents necessary to complete this transaction in a form acceptable to the City Attorney.