Fiscal Note
Total costs for purchase, taxes, closing, and site stabilization activities are estimated at $5,566,436. Funds totaling $1,423,000 for the purchase, taxes and closing costs are available in the 2010 PCED adopted Capital Budget, Project No. 23, “Land Banking” (Account No. 810638). The additional $3,393,436 needed for purchase, taxes and closing costs would be authorized in the proposed 2011 Capital Budget (PCED Project #23 - Land Banking), if adopted as recommended by the Board of Estimates. Funds for site stabilization activities of $750,000 would be available in the 2011 Capital Budget (PCED Project #4 - TID #36), if adopted as recommended by the Board of Estimates. These purchase and site stabilization costs would be funded with general obligation borrowing. Of the $5,566,436 total cost, $4,509,000 is within the current boundary of TID #36. Therefore, a substantial portion of the debt repayment will be charged to TID#36 and repaid with TIF increment if sufficient increment is generated from future development within the district. The most recent year's property taxes on this property were roughly $103,000, with about 81% paid on parcels located within TID #36. Therefore, City purchase will reduce the annual increment received in TID #36 by $81,000 until the property is resold for a taxable use.
Title
Authorizing the execution of a Purchase and Sale Agreement with East Washington LLC and East Washington II, LLC (collectively the “Seller”) for the purchase of properties owned by the Seller located in Blocks 133, 143 and 144 of the Original Plat of the City of Madison and authorizing the use of Land Banking Funds for the acquisition.
Body
East Washington, LLC and East Washington II, LLC own properties located along East Washington Avenue in Blocks 133, 143, and 144 of the Original Plat of the City of Madison (the “Properties”) which they currently have on the market for sale. The Properties total 338,174 square feet or 7.77 acres. The Offic...
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