Fiscal Note
The proposed resolution amends the Economic Development Division's (EDD) 2026 Adopted Capital Budget by $4.165 million in the Land Banking program (#12640) to fund the acquisition of 4 properties within TID 55 (Voit Farm). The funding will be in the form of TID-supported GO Borrowing. The resolution furthers authorizes the execution of a purchase and sale agreement between the City and Starkweather, LLC for the 4 aforementioned properties.
The estimated acquisition, holding, environmental testing, and pre-development costs for the property are estimated at $4.3 million: $4.165 million for acquisition and $135,000 for environmental site assessment, title work, miscellaneous closing costs, property holding costs, and pre-development costs. The amendment to the 2026 Capital Budget is needed to fund the acquisition costs. The $135,000 needed for holding, pre-development, and other related costs is available within the 2026 Adopted Capital Budget: $50,000 of TID-supported GO Borrowing in the TID 55 program (#99017) and $85,000 of General Fund-supported GO Borrowing in the Land Banking program (#12640).
Acquisition costs related to these 4 properties are included in the adopted TID 55 Project Plan adopted by Council via RES-25-00413 in July 2025.
Title
Amending the 2026 Economic Development Division Capital Budget by $4,165,000 and authorizing the execution of a Purchase and Sale Agreement with Starkweather, LLC, or their successors and assigns, for the purchase of four (4) properties addressed as 111 North Walter Street, 31 North Walter Street, 3472 Chicago Ave, and 3470 Canvas Road, Madison, WI 53703 for land banking purposes, and authorizing the expenditure of $135,000 of in the 2026 adopted EDD Capital Budget for environmental assessment, title work, closing costs, holding costs, and predevelopment costs totaling $4,300,000 (District 15).
Body
WHEREAS, Starkweather, LLC (the “Seller”) is the owner of properties located at 4111 North Walter Street...
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