Fiscal Note
The proposed resolution authorizes amending EDD’s Land Banking capital program in the amount of $1.26 million for the acquisition of property located at 1810 South Park Street. The estimated acquisition cost for this parcel is $1,200,000 for the property plus $40,000 in additional real estate costs for environmental site assessment, title work, and miscellaneous closing costs for a total amount of $1,240,000. In addition, $20,000 is added to the 2020 Economic Development Division Budget to pay for holding costs of the property for the remainder of the year.
Funding for the purchase and holding costs of the property will be in the form of TIF proceeds, funded by TID #42. The use of TIF proceeds from TID #42 will require a transfer of incremental revenues from TID #39, whereby TID #39 becomes a donor TID to TID #42. The use and transfer for such proceeds within the TIF districts require approval from the TIF Joint Review Board.
Title
SECOND SUBSTITUTE - Amending the 2020 Economic Development Division Budget by $1,260,000 and authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Stopple Revocable Trust for the City’s acquisition of the property located at 1810 South Park Street for land banking purposes. (14th A.D.)
Body
WHEREAS, Stopple Revocable Trust (“Seller”) is the owner of the property containing 72,311 square feet of land and 28,053 square feet of commercial office and warehouse space in five buildings, located at 1810 South Park Street and legally described on Exhibit A and depicted on Exhibit B, attached hereto (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for land banking purposes that are being contemplated in the updated South Madison Plan; and
WHEREAS, the Mayor directed City Real Estate staff to pursue the purchase of suitable properties in the South Park Street corridor; and
WHEREAS, the City’s acquisition of the Property would provide expanded opport...
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