Fiscal Note
The proposed resolution authorizes an amendment to the Economic Development Division's (EDD) 2026 Adopted Capital Budget for the Land Banking program (#12640). The amendment adds $4.0 million in TID 44-supported GO borrowing to the program. The proposed resolution further authorizes the execution of a Purchase & Sale Agreement for the City to acquire property for the purposes of land banking. The estimated acquisition, holding, demolition, environmental testing, and pre-development costs for the property is $6.2 million. Estimated costs include:
$5.2 million for acquisition
$40,000 for environmental site assessment, title work, and miscellaneous closing costs
$60,000 for property holding costs
$50,000 for demolition costs
$850,000 for pre-development costs
With approval of the amendment to the Economic Development Division's (EDD) 2026 Capital Budget, funds for the purchase, holding, demolition, and pre-development costs of the property will be available in the 2026 Capital Budgets of the Parks Division and EDD. The Land Acquisition capital program (#17128) within the Parks Division budget has $680,000 available for these costs. The Land Banking capital program (#12640) will contribute $5.52 million: $1.52 million from GO Borrowing already authorized within the program, and $4.0 million to be funded by TID 44-supported borrowing.
Title
Amending the 2026 EDD Land Banking program to add $4.0 million of GO Borrowing supported by TID 44 and authorizing the execution of a Purchase and Sale Agreement with RDC Development, LLC, or their successors and assigns, for the purchase of seventeen properties addressed as 404 Cottage Grove Road; 514, 526, 533 & 551 Pinney Street; 3752 Sargent Street; 3708 Olbrich Avenue; 702, 804, 808, 812, 816, 820, 824, 828 & 832 Royster Avenue, and 501 Grand Oak Trail, Madison, WI 53714 for land banking purposes, and authorizing the expenditure of funds for environmental assessment, title work, closing costs, holding costs, a...
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