Fiscal Note
Funds for the purchase of the Property including closing costs and holding costs resulting from the purchase of the Property are estimated at a net cost of $151,500 and are authorized in the 2013 adopted Capital Budget of Planning and Community and Economic Development (PCED), Project No. 8, "Neighborhood Centers," Account No. 810559, which authorizes total expenditures of $1,743,089 for Neighborhood Center projects. No additional appropriation is required.
Title
SUBSTITUTE Authorizing the exercise of the Option to Purchase with John P. Schneider LLC for the acquisition of a condominium duplex located at 1409-1411 Theresa Terrace for potential use as a neighborhood center.
Body
The Common Council of the City of Madison adopted Substitute RES-12-00831 on November 7, 2012 which authorized the execution of an Option to Purchase Agreement (the “Agreement”) with John P. Schneider LLC for the City’s acquisition of the condominium duplex located at 1409 and 1411 Theresa Terrace (collectively the “Property”) for potential use as a neighborhood center. The “Purchase Price” of the Property is One Hundred Thirty-five Thousand Dollars ($135,000). The Agreement provided the City with a ninety (90) day period (and one (1) thirty (30) day extension period) to exercise its Option to Purchase to enable it to assess the feasibility and cost of renovating the Property for a neighborhood center, to obtain an appraisal which supports the Purchase Price, to determine an operator of the center and to approve funding for the acquisition and renovation of the Property for a neighborhood center. The City has exercised its right to the Option Extension period and has until February 28, 2013 to exercise its Option to Purchase. If the City exercises its Option to Purchase, the Initial Option Payment of $7,500 for the ninety (90) day Option Period and $1,000 of the $2,500 Option Extension Payment for the thirty (30) day Extension period (collectively the “Option Payments”)...
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