Fiscal Note
Sale of these lots will result in $370,000 in revenues to the City. When these lots were initially developed, special assessments for roadwork and other infrastructure were deferred pending sale of the property. Sale proceeds will be used to help defray the unpaid special assessment charges on all of the parcels within the development. Special assessments on these properties total $91,252. The City owns a total of 67 lots in this development with total deferred special assessments of $2.1 million.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Iron Workers Local 383 for the purchase of City-owned Lots 1 and 2 in The Center for Industry & Commerce located at 5501 Manufacturer Drive and 3920 Hanson Road.
Body
The Common Council adopted a resolution (RES-13-00460) on June 18, 2013 which authorized the execution of an Agreement to Terminate the “Agreement to Purchase and Undertake Development of the Northeast Industrial Property” (the “Purchase and Development Agreement”) which was executed between the City and The Center for Industry & Commerce, LLC (the “LLC”) for the development of a mixed-use industrial park. Under the terms of the Purchase and Development Agreement, the LLC deeded back to the City, at no cost, 14 lots it had previously purchased from the City in exchange for the mutual termination of the Purchase and Development Agreement and being relieved of any remaining obligations, including the obligation to purchase an additional 53 lots from the City. Due to the termination of the Purchase and Sale Agreement the City owns 67 lots within The Center for Industry & Development. These lots are being marketed by the City. The adoption of this resolution will authorize the sale of two lots owned by the City in The Center for Industry & Commerce.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Madison hereby authorizes the execution of a Purchase and Sale Agreement (...
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