Fiscal Note
Fiscal note pending.
Title
Authorizing the City of Madison to enter into a Purchase of Services contract with TerraVenture Advisors, LLC to provide relocation assistance and services to the tenants occupying the buildings located on the City-owned property at 1812 - 1820 S. Park Street; authorizing the payment of eligible relocation benefits; and authorizing lease negotiations with the current tenants in the interim totaling $546,650, with funding previously authorized 2026 EDD Capital Budget and in the adopted TID 51 project plan. (District 14)
Body
WHEREAS, the City of Madison (the “City”) acquired the property located at 1812 - 1820 S. Park Street (the “Property”) for landbanking purposes, as authorized by City Resolution File ID #86853, Enactment No. RES-25-00097, adopted on February 14, 2025; and
WHEREAS, the Property is one tax parcel totaling 1.26 acres of land improved with a building used for warehouse, storage, commercial office, and retail space, occupied by three commercial retail tenants with yearly leases (the “Commercial Tenants”); and
WHEREAS, when the City acquires property, in some circumstances Wisconsin law (Wis. Stat. Ch. 32 and Wis. Admin. Code Ch. Adm 92) or the federal Uninform Relocation Assistance and Real Property Acquisition Policies Act (“URA”) (42 U.S.C. §§ 4601-4655 and 49 C.F.R. Part 24) (the Wisconsin and federal law referred to collectively as “Relocation Law”) may require the City to pay relocation benefits to the owner or tenants of the acquired property. Complying with Relocation Law may require preparing an Acquisition Stage Relocation Plan (the “Plan”). If required the Plan must be prepared and subsequently approved by the State of Wisconsin Department of Administration. The Plan provides extensive fact specific details regarding relocation assistance and potential project management services for the project, including but not limited to the following: displacement numbers, project cost estimate, anticip...
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