Fiscal Note
The proposed resolution authorizes the execution of a purchase of services contract with TerraVenture Advisors, LLC for relocation services for current tenants of City-owned property at 1812-1820 S Park St (the purchase of which was authorized via RES-25-00097). The contract price is not to exceed $46,650. The proposed resolution further authorizes the use of $500,000 for relocation assistance for tenants of aforementioned property as required under state and federal law when the City acquires property. The total of $546,650 is available in the Economic Development Division's (EDD) 2026 Capital Budget in the TID 51 program (#99011). No additional approriation required.
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 Uniform Relocation Assistance and Real Property Acquisition Policies Act (“URA”) (42 U.S.C. §§ 4601-4655 and 4...
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