Fiscal Note
This addendum to the agreement between the City of Madison and Cherokee Park Development, Inc. recognizes a final reconciliation of parkland dedication requirements, and authorizes a related payment. Based upon a mutually agreeable accounting, the City will pay to Cherokee Park Development an amount not to exceed $85,000. This payment represents the value of the dedicated land that was in excess of dedication requirements. Funding is available in the 2011 Parks Capital Budget, Project #4 "Parkland Acquisition", and would be derived from development fees. Account CL60-58110-810398.
Title
Authorizing an Addendum to the Annexation / Attachment Agreement between the City of Madison and Cherokee Park Development, Inc.
Body
WHEREAS, the City of Madison (“City”) and Cherokee Park Development, Inc. (“CPI”) entered into an Annexation / Attachment Agreement (“Agreement”) on April 11, 2007 to address future development of CPI lands; and
WHEREAS, Paragraph 4(c)(ii) of the Agreement specifies that CPI will dedicate certain lands, known as the Stewart Property, to the City to serve as a land bank for park dedication requirements of anticipated future CPI development; and
WHEREAS, the City and CPI agreed on the value of the Stewart Property lands, based in part on the development potential of the lands; and
WHEREAS, the City and CPI agreed that when all development was completed, an accounting would occur to determine whether the Stewart Property dedication exceeded the actual dedication required; and,
WHEREAS, the City and CPI agreed that the City would compensate CPI for the value of the dedicated land in the land bank that was in excess of dedication requirements; and
WHEREAS, CPI’s Fifth Addition to Cherokee Park plat was approved in May, 2008 with a park dedication requirement of approximately 52,000 square feet that would be met off-site by the Stewart Property land bank; and
WHEREAS, in early 2009, the City accepted the Stewart Property dedica...
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