Fiscal Note
No City appopriation required.
Title
Authorizing the City’s execution of a Private Drive Access Easement for the benefit of the buyer of the City owned Lots 27 and 28 in the Center of Industry and Commerce across a portion of the adjacent City-owned parcel Lot 3 of CSM 14573 for the installation of a private drive. (17th AD)
Body
WHEREAS, 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’” (“Purchase and Development Agreement”) which was executed between the City of Madison (“City”) and The Center for Industry & Commerce, LLC (“LLC”) for the development of a mixed-use industrial park; and,
WHEREAS, the City assumed ownership of the remaining vacant properties located within The Center for Industry & Commerce, LLC (“CIC”) at that time; and,
WHEREAS, the City has since been selling vacant property within CIC for light industrial and business uses; and,
WHEREAS, the City entered into a purchase and sale agreement with Weldcorp Mfg, LLC (“Weldcorp”) to acquire Lots 27 and 28 in CIC plat recorded as Document Number 3708481 (“Grantee’s Parcel”), which was approved by resolution (RES-20-00540) on August 4, 2020; and,
WHEREAS, during Weldcorp’s due diligence period it determined that it needs access to a private drive on the adjacent City owned Lot 3 of CSM 14573 (“Lot 3”) given it needs a wider turn radius to swing the long structural steel beams into its facility for fabrication; and,
WHEREAS, the City is presenting a resolution at the same time as this resolution for the sale of Lot 3 with Greywolf Acquisitions, LLC (“Greywolf”), and Greywolf has approved the below terms of the private drive access easement (“Private Drive Access Easement”); and,
WHEREAS, Lot 3 is subject to a City Utility Easement retained as part of a resolution for the Vacation and Discontinuance of a Publi...
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