Fiscal Note
No City Funds required. Private Contract.
Title
Approving plans and specifications for public improvements necessary for the project known as 417 S Yellowstone Drive and authorizing construction to be undertaken by the Developer, Private Contract No. 9507 (District 19)
Body
WHEREAS, the developer, 421 Yellowstone, LLC, has received the City of Madison's conditional approval for a demolition permit to raze an office building and conditional use to construct a five-story multifamily residential building at 421 South Yellowstone Drive, and,
WHEREAS, Section 16.23(9) of the Madison General Ordinances and the conditions of approval require the developer to install the public improvements necessary to serve the rezoning.
NOW, THEREFORE, BE IT RESOLVED:
1. That the Mayor and City Clerk are hereby authorized and directed to execute a Contract For the Construction of Public Improvements that will be accepted by the City of Madison For 417 S Yellowstone Drive, with 421 Yellowstone, LLC.
2. That the plans and specifications for the public improvements necessary to serve the development are hereby approved.
3. That the developer is authorized to construct the public improvements in accordance with the terms of the Contract For the Construction of Public Improvements That Will be Accepted by the City of Madison at the sole cost of the developer, except as follows: NONE
4. That the Mayor and City Clerk are hereby authorized to sign and grant easements or right-of-way release or procurement documents, maintenance agreements or encroachment agreements, as necessary and grant or accept dedication of lands and/or easements from/to the Developer/Owner for public improvements located outside of existing public fee title or easement right-of-ways.
5. The Common Council is approved to accept ownership of the improvements in the Maintenance Area if a maintenance agreement is executed and recorded as a condition of this contract.
6. The developer shall be permitted to assign this contract for the purposes of obtaining financing in a form to be approved by the City Attorney.