Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement for City-owned vacant land at 4937 Femrite Dr. The purchase price for the property shall be $12,929 plus payments due for the Dairy Drive Assessment District in the amount of $117,042 for a total purchase price of $129,971. The City will pay a portion of closing related costs, as detailed in the Purchase and Sale Agreement, and the balance of proceeds from the $129,971 purchase price shall be deposited into account 110010-48110-00000.
Title
Authorizing the City’s execution of a Purchase and Sale Agreement between Femrite Properties LLC and the City of Madison for the disposal of City-owned vacant land located at 4937 Femrite Drive. (District 16)
Body
WHEREAS, the City of Madison (“Seller”) is the owner of the property located at 4937 Femrite Drive, Madison, Wisconsin (“Property”), totaling approximately 8,621 square feet of land; and
WHEREAS, Femrite Properties LLC (“Buyer”) desires to purchase the Property for their proposed development project, as the inclusion of the Property will allow for the Buyer to optimize the use of adjacent lands already owned by the Buyer; and
WHEREAS, The City of Madison Engineering Division has confirmed that the Property is not needed for any future transportation needs and therefore can be considered surplus to City needs; and
WHEREAS, per the City’s Surplus Property Ordinance (MGO 8.075), the following has occurred:
- All City Departments have been notified of this surplus property; and, no City Departments have expressed an interest in the Property.
- The Economic Development Division Director has completed an Economic Feasibility Analysis of the Property and determined that there are no viable or independent uses for the Property given its small size and configuration.
- The Economic Development Division Director and Department of Planning, Community, and Economic Development Director, in consultation with the District Alder, have determined that it is in the best interest of the City of Madison to negotiate a direct sale of the Property to the Buyer.
NOW, THEREFORE, BE IT RESOLVED that the City’s Common Council hereby authorizes the Mayor and City Clerk to execute the Purchase and Sale Agreement (“Agreement”) with the Buyer, and/or its successors and assigns, for the sale of the Property, substantially, though not exclusively, on the terms and conditions of the Agreement, as shown on Attachment A - PSA.
BE IT FURTHER RESOLVED that the City’s Common Council hereby authorizes the Mayor and City Clerk to execute, deliver and record any related real estate documents and take any further action required to accomplish the purpose of this resolution, in a form approved by the City Attorney.