Fiscal Note
Funding for the acquisition costs of $209,000, closing costs, not to exceed $4,500, and demolition costs, not to exceed, $40,000 for well and septic abandonment, environmental site assessment, asbestos removal, demolition are available in Engineering Account No. CS53-58110-810543-00-53W0391.
Title
Authorizing the acceptance of an Offer to Sell from Wayne J. and Theresa Murphy for a vacant residential property located at 3727 CTH M in the Town of Middleton for the future Junction Road/Mineral Point Road intersection reconstruction project.
Body
PREAMBLE
The City of Madison Engineering Division has created the Mineral Point Road and Junction Road Intersection reconstruction project. The property located at 3727 CTH M, which is just south of the Mineral Point Road and Junction Road intersection, is needed for the proposed reconstruction project. The property is a vacant single-family residence with detached garage on an approximate 19,000 lot, and is owned by Wayne J. and Theresa Murphy. The property is currently listed for sale with an asking price of $250,000. The City Engineering Division requested that City Real Estate staff enter into negotiations with the owners for the purchase of the property. The Murphys have agreed to sell the property to the City of Madison and have signed an offer to sell in the amount of $209,000. The purchase price is supported by an appraisal obtained by the City. The City Engineering Division and the City Real Estate staff have reviewed and approve of the offer.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Madison (“City”) authorizes the acceptance of the Offer to Sell, in the amount of Two Hundred Nine Thousand and no/100 Dollars ($209,000.00) submitted to the City of Madison by Wayne J. and Theresa Murphy (“Seller”) for the property located at 3727 CTH M (“Property”), as legally described and depicted on attached Exhibit A. The property being required by the City Engineering Division for the reconstruction of the Mineral Point Road and Junction Road intersection project.
BE IT STILL FURTHER RESOLVED, that the Offer to Sell is subject to the following conditions:
1. City shall obtain a satisfactory title commitment for the property to be sold.
2. Purchase price for the property is $209,000.
3. Closing shall occur on or before March 31, 2008 or at a later date approved by both parties.
BE IT STILL FURTHER RESOLVED, that funds are authorized to be released from Engineering Account No. CS53-58110-810543-00-53W0391 in the amount of $209,000 for the purchase of the property, an amount not to exceed $4,500 for the closing costs, and an amount not to exceed $40,000 for well and septic abandonment, environmental site assessment, asbestos removal, demolition of the structures and related costs.
BE IT STILL FURTHER RESOLVED, that the Mayor and Clerk are authorized to sign any and all documents related to this transaction, that are necessary to complete the purchase, demolish the structures, and abandon on site well and disposal systems.
EXHIBIT A (Page 1 of 2)
Description of the Wayne J. and Theresa Murphy Property to be sold:
Part of the Northwest ¼ of the Northeast ¼ of Section 27, Township 07 North, Range 8 East, Town of Middleton, Dane County, Wisconsin, more particularly described as follows:
Commencing on the East line of said Northwest ¼ of the Northeast ¼, 330 feet South of the Northeast corner thereof; thence West at right angles to East line of said Northwest ¼ of the Northeast ¼, 132 feet; thence South parallel with said East line, 165 feet; thence East at right angles to said East line, 132 feet to the East line; thence North on said East line 165 feet to the point of beginning. Subject to existing public highway on East side thereof. EXCEPT lands in Award of Damages recorded in the Office of the Register of Deeds for Dane County, Wisconsin on November 5, 1956, as Document No. 948437.
Also a parcel of land in the Northwest ¼ of the Northeast ¼ of Section 27, Town 7 North, Range 8 East, in the Town of Middleton, Dane County, Wisconsin, described as follows:
Beginning at a point which is 3330 feet more or less South and 401 feet more or less West of the Northeast corner of the Northwest ¼ of the Northeast ¼ of Section 27, Town 7 North, Range 8 East, Dane County, Wisconsin; thence West 92 feet more or less; thence North 21 feet more or less; thence East 92 feet more or less; thence South 21 feet more or less to the point of beginning, said parcel being a strip of land 21 feet more or less in width between the North line of a parcel of land described in quit claim deed dated February 23, 1954, recorded February 23, 1954, in the Office of the Register of Deeds, Dane County, Wisconsin, in volume 060 of Deeds, on page 568 as Document No. 868424, and a fence and the North face of a stone wall located along the Northerly edge of said 21 foot strip of land. EXCEPT lands in Award of Damages recorded in the Office of the Register of Deeds for Dane County, Wisconsin on November 5, 1956, as Document No. 948437.
The parcel contains approximately 19,000 square feet (0.44 acres).