Fiscal Note
No appropriation is required to formulate and support a committee to issue and review a Request for Proposals for potential development of the 800 north block of East Washington Avenue. Any agreement with potential developers will require further Common Council approval.
Title
SUBSTITUTE - Creating an Ad Hoc East Washington Avenue 800 Block North Committee to approve and release an RFP, and select and recommend to the Common Council a proposal for the purchase and development of the 800 Block North Properties utilizing the process recommendation outlined in the Land Banking RFP Process Report. ; and, authorizing Economic Development Division staff to enter into direct negotiations for the sale of 800 Block South Properties with developers with proposals meeting certain specified criteria.
Body
WHEREAS, the City of Madison established a Land Banking Fund to purchase and stabilize developable parcels of land in the City of Madison; and,
WHEREAS, the City used the Land Banking Fund to purchase properties located at 802 and 854 E. Washington Avenue ("800 Block North Properties"); and, 801, 815, and 819 E. Washington Avenue, along with 806 and 820 E. Main Street ("800 Block South Properties"), as shown in the attached Exhibit; and,
WHEREAS, the City's Economic Development Committee approved Land Banking Fund Guidelines dated February 3, 2010 (attached) for the purchase and sale of land acquired with Land Banking Funds; and,
WHEREAS, the Common Council approved the Land Banking RFP Process Report dated May 8, 2012 (attached), which further describes the RFP process to be used for the sale of property purchased through the Land Banking Fund, should an RFP process be desired; and,
WHEREAS, the City desires to sell the 800 Block North Properties through an RFP process; and,
WHEREAS, the City desires to make the 800 Block South Properties available for sale through a direct, negotiated sale process; and,
WHEREAS, the creation of an ad hoc East Washington Avenue 800 Block North Committee is required to sell the 800 Block North Properties in a manner consistent with the process recommendation outlined in the aforementioned Land Banking RFP Process Report.
NOW THEREFORE BE IT RESOLVED that the Common Council hereby creates an ad hoc "East Washington Avenue 800 Block North Committee," comprised of the following individuals approved by the Common Council:
1. Alder BRIDGET MANIACI - District 2
2. Alder MARSHA RUMMEL - District 6
3. Alder LAUREN CNARE - District 3
4. Alder MARK CLEAR - District 19
5. Tenney Lapham Neighborhood Association President, JOE LUSSON
6. Marquette Neighborhood Association President or designee
7. Citizen member with relevant experience, TOM LANDGRAF
8. Citizen member with relevant experience, DAVID WALLNER
9. Citizen member with relevant experience, SEAN DILWEG; and,
BE IT FURTHER RESOLVED that the Common Council authorizes the Economic Development Division to draft a Request for Proposals for the purchase and development of the 800 Block North Properties; and,
BE IT STILL FURTHER RESOLVED that the Common Council authorizes the release of the Request for Proposals to purchase and develop the 800 Block North Properties upon approval of the Request for Proposals by the East Washington Avenue 800 Block North Committee; and,
BE IT STILL FURTHER RESOLVED that the East Washington Avenue 800 Block North Committee will utilize the process recommendation outlined in the aforementioned Land Banking RFP Process Report as a guide to review and select proposal(s) for recommendation to the Common Council; and,
BE IT STILL FURTHER FINALLY RESOLVED that the selection of proposal(s) and Purchase and Sale Agreement(s) necessary to implement the recommendations of the East Washington Avenue 800 Block North Committee shall be approved by the Common Council. ; and,
BE IT STILL FURTHER RESOLVED that the 800 Block South Properties will be made available for sale through a direct negotiation between Economic Development Division staff and interested developer(s); and,
BE IT STILL FURTHER RESOLVED that Economic Development Division staff are authorized to enter into negotiations for the 800 Block South Properties with interested developer(s) only if the interested developer's proposal meets the following criteria:
1. The proposal is consistent with the adopted Capitol Gateway Corridor BUILD Plan.
2. Buildings within the proposal are a minimum of three (3) stories in height.
3. The initial phase of the proposal includes building(s) of at least 60,000 square feet in gross floor area.
4. The Developer can demonstrate, to the satisfaction of Economic Development Division staff, tenant commitment of at least 50% of net leasable floor area.
5. The Proposal is employment-driven.
6. The Developer agrees to purchase the 800 Block South Properties in a single-phase take-down.
7. The Developer has proof of financial capability to complete the project to the satisfaction of Economic Development Division staff.
8. The Developer can commit to commencing construction within twelve (12) months of execution of a Purchase and Sale Agreement.
9. The Developer agrees that the Purchase and Sale Agreement will include a contingency that sale of the property will only occur upon Developer securing the tenant(s) identified in Item # 4 above.
BE IT FINALLY RESOLVED that a Purchase and Sale Agreement necessary to sell the 800 Block South Properties shall be approved by the Common Council.