Fiscal Note
The initial estimated purchase price for the Fire Administration Condominium Unit was $4,572,111 (see attached RES-12-00873 for details on the initial estimated cost).This amendment authorizes an additional purchase price payment of $75,000. The 2014 adopted capital budget authorizes $13,864,100, for the project in 2014.
Title
Authorizing the execution of a Second Amendment to the Purchase and Sale Agreement executed between the City and Hovde West Johnson, LLC.
Body
Hovde West Johnson, LLC, successor-in-interest to Hovde Properties, LLC, and the City are the parties to that certain Purchase and Sale Agreement dated as of December 10, 2012; as amended by First Amendment to Purchase and Sale Agreement dated May 31, 2013 (collectively, the “PSA”). The PSA authorized the recent sale from the City to the Developer of the Madison Fire Department Administration Building located in the 300 Block of West Johnson Street for assemblage into the Developer’s mixed-use development condominium project (the “Project”) located at 305-309 West Johnson Street. The Madison Fire Administration Building (the “Building’) has been demolished by the Developer. The City will purchase a “grey box” condominium unit (the “Fire Admin Condo Unit”) and parking stalls within the Project for the purpose of providing administrative office and storage space for the Madison Fire Department. The City shall be responsible for the build out of the Fire Admin Condo Unit. The Madison Fire Department’s administration offices have been relocated to leased space until the Fire Admin Condo Unit is built out.
The City desires that the Developer construct a generator pit foundation during construction of the Project, which generator pit shall benefit both the Fire Admin Condo Unit and Fire Station No. 1 (a/k/a the “City Master Condo Unit”), with the added cost of such construction payable by the City to the Developer in conjunction with the City’s purchase of the Fire Admin Condo Unit. T...
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