Fiscal Note
The proposed resolution authorizes the City of Madison Parks Division to purchase 8.86 acres of land located at 1010 North Street in the City of Madison. The purchase price for the land acquisition is $1,800,000. Funding for the purchase of land and associated expenses is available in the 2026 Parks Division Adopted Capital Budget Land Acquisition Program (Munis #17128). This program is funded primarily from impact fees. No additional appropriation is required. See attached memo from Parks for further background regarding acquisition of this property.
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Authorizing the City’s execution of a Purchase and Sale Agreement between the City of Madison and OM Land, LLC or their successors and assigns, for the purchase of the property located at 1010 North Street in the City of Madison, and authorizing the City’s execution of an assignment and assumption agreement for an existing lease of the property by East Madison Little League, Inc. (District 12)
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WHEREAS, OM Land, LLC (“Seller”) is the owner of the property located at 1010 North Street which contains 8.86 acres of land (“Property”), which is legally described in the Purchase and Sale Agreement (“PSA”) attached hereto, and includes and all improvements thereon; and
WHEREAS, the Seller approached the City of Madison (“City”) about the sale, and the City desires to purchase the Property to provide the City with an additional site for recreational purposes, as well as the expansion of park land; and
WHEREAS, East Madison Little League, Inc. currently leases the Property pursuant to a lease dated August 12, 1994, expiring in 2034, which will be assigned to the City at the closing defined in the attached PSA. The City intends to continue, at least initially, the existing lease of the Property for use by the East Madison Little League, Inc.
NOW, THEREFORE, BE IT RESOLVED that the City’s Common Council hereby authorizes the City’s execution of the PSA, as Buyer, on substantially the same the terms and conditions contained in the Purchase and Sale Agreement attached hereto, for a purchase price of $1,800,000; and
BE IT FURTHER RESOLVED that the City’s Common Council hereby authorizes the City’s execution of an assignment and assumption agreement for the existing lease with East Madison Little League, Inc.; and
BE IT FINALLY RESOLVED that the Mayor and Clerk are hereby authorized to sign, accept, and record any and all documents and legal instruments required to complete the transaction contemplated in this resolution, on a form and in a manner that has been approved by the City Attorney.