Fiscal Note
The proposed resolution authorizes a sale between the City of Madison and Sutton Transportation, Inc. for two City-owned lots in the Center for Industry and Commerce. The total purchase price is $337,466. Proceeds from the sale will be distributed to the General Land Acquisition Fund (account no. 14006010-48110-00000). $322,865 of sale proceeds will be applied towards outstanding special assessments on the two lots sold. A remaining balance of $14,601 in sale proceeds will be applied towards outstanding special assessments on other properties owned by the City of Madison located elsewhere within the Center for Industry and Commerce.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Sutton Transport, Inc. for the purchase of City-owned Lots 83 and 84 in The Center for Industry & Commerce located at 5918 Manufacturer Drive and 3841 Merchant Street.
Body
The Common Council adopted a resolution (RES-13-00460) on June 18, 2013 which authorized the execution of an Agreement to Terminate the “Agreement to Purchase and Undertake Development of the Northeast Industrial Property” (the “Purchase and Development Agreement”) which was executed between the City and The Center for Industry & Commerce, LLC (the “LLC”) for the development of a mixed-use industrial park. Under the terms of the Purchase and Development Agreement, the LLC deeded back to the City, at no cost, 14 lots it had previously purchased from the City in exchange for the mutual termination of the Purchase and Development Agreement and being relieved of any remaining obligations, including the obligation to purchase an additional 78 lots from the City. Due to the termination of the Purchase and Sale Agreement the City owns 90 lots within The Center for Industry & Development. These lots are being marketed by the City. The adoption of this resolution will authorize the sale of two lots owned by the City in The Center for Industry & Commerce.
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