Fiscal Note
Under the terms of the Letter of Intent, the City shall provide funding of up to $210,000 for site improvements. This funding is included in the 2010 PCED Adopted Capital Budget, Project No. 22, "CDA Redevelopment - Truman Olso Acquisition and Demolition." No additional appropriation is required.
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Accepting the terms and conditions outlined within a Letter of Intent ("LOI"), authorizing the execution of a Purchase and Sale Agreement ("Agreement"), and adopting the final Legally Binding Agreement ("LBA") to accommodate Porchlight Inc. ("Porchlight") at 4002 Nakoosa Trail; and, amending the City's previously submitted Redevelopment Plan, Homeless Assistance Submission, and Public Comment documents regarding the Truman Olson United States Army Reserve Center (1402 S. Park Street) property accordingly, authorizing submission by the Community Development Authority of said revised documents to the Federal Government, and execution of the LBA by the Community Development Authority upon acceptance by the United States Department of Housing and Urban Development.
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WHEREAS, the City of Madison Common Council adopted the recommendations outlined in the Redevelopment Plan, Homeless Assistance Submission (including Legally Binding Agreements ("LBA")), and Public Comment documents regarding the Truman Olson United States Army Reserve Center (1402 S. Park Street) property on September 2, 2008 and authorized the submission of said documents by the City of Madison Community Development Authority, designated as the Local Redevelopment Authority ("LRA"), to the Federal Government (RES-08-00864, Legistar # 11307); and,
WHEREAS, at the time of the Common Council's action on September 2, 2008, an alternative accommodation for Porchlight Inc. ("Porchlight") had not yet been finalized; and,
WHEREAS, the Common Council's action on September 2, 2008 required further authorization by the Council for the accommodation of Porchlight once an alternative accommodation was finalized; and,
WHEREAS, on July 2, 2010 the City of Madison and Porchlight executed a Letter of Intent ("LOI") that outlines the principal terms and conditions for a Purchase and Sale Agreement ("Agreement") to be executed between the City of Madison and Porchlight, providing for the conveyance of a City-owned property, located at 4002 Nakoosa Trail, for the construction of approximately thirty-eight (38) housing units with supportive services for homeless persons; and,
WHEREAS, the funding contemplated within the executed LOI is authorized through the 2010 Capital Budget; and,
WHEREAS, the accommodation of Porchlight as outlined within the LOI constitutes an alternative accommodation of Porchlight.
NOW THEREFORE BE IT RESOLVED that the Common Council accepts the terms and conditions outlined within the LOI and directs City staff to negotiate a final Purchase and Sale Agreement ("Agreement") accordingly; and,
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to execute the Agreement and any and all documents that are necessary to complete the transaction contemplated in the Agreement; and,
BE IT FURTHER RESOLVED that the Common Council adopts the final Legally Binding Agreement (LBA) for the accommodation of Porchlight at 4002 Nakoosa Trail; and,
BE IT FURTHER RESOLVED that the Common Council amends the Redevelopment Plan, Homeless Assistance Submission, and Public Comment documents regarding the Truman Olson United States Army Reserve Center (1402 S. Park Street) property accordingly; and,
BE IT FURTHER RESOLVED that the Common Council authorizes submission by the LRA of said revised documents to the Federal Government; and,
BE IT FURTHER RESOLVED that the City Attorney's Office is directed to make minor changes to the adopted LBA if the need for said changes becomes apparent in future consultation with HUD and Porchlight; and,
BE IT FINALLY RESOLVED that the Community Development Authority is authorized to execute the adopted LBA upon approval by HUD.