Fiscal Note
This resolution administratively transfers the City agency ownership of the property located at 432 S. Junction Rd. As the property is currently owned by the City and operated as the Junction Park and Ride, no appropriation is required.
Title
Approving Administrative Parcel Transfer in Ownership of 432 S. Junction Rd. (Junction Rd. Park and Ride) from City of Madison Engineer, Future Transportation to City of Madison Metro Transit, Junction Park and Ride. (District 1)
Body
WHEREAS, the parcels now addressed as 432 S. Junction Rd. were acquired by the City of Madison leading up to the reconstruction of Junction Rd. in 2012, with a portion of the parcels being utilized for construction of the roadways and paths, with the remainder being owned by the City of Madison Engineer for Future Transportation and was given the address of 432 S. Junction Rd., and currently assigned Parcel No.’s 251-0708-271-0093-7 and 251-0708-271-0092-9.; and,
WHEREAS, under File 65314, RES-21-00482 the City of Madison authorized use of the property at 432 S. Junction Rd. as part of the Bus Rapid Transit (BRT) project, with the value of the land being contributed to the project as part of the City’s local match, in lieu of cash contribution; and,
WHEREAS, based upon a market appraisal and general appreciation, the current market value of the property is estimated at $1,500,000; and,
WHEREAS, the plans for the construction of the East-West BRT project, including the improvements on 432 S. Junction Rd to create the Junction Road Park and Ride, were authorized under File 73148, RES-22-00596; and,
WHEREAS, upon completion of the authorized construction, the East-West BRT system (Route A) began operating on September 22, 2024, using the property at 432 S. Junction Rd. as part of the Metro Transit system as the park and ride, making the agency ownership transfer appropriate and necessary.
NOW THEREFORE BE IT RESOLVED that City agency ownership of 432 S. Junction Rd. be administratively transferred from City of Madison Engineer, Future Transportation to City of Madison Metro Transit, Junction Park and Ride.
BE IT FURTHER RESOLVED that the property’s value of $1,500,000 be considered a part of the City’s contribution to the BRT project as part of the City’s local match.