Fiscal Note
Funding in the amount of $2.5 million was authorized by the Common Council and borrowed by the City in 2004 for the Department of Planning and Development Capital Budget Project No. 32 (Badger-Ann-Park & Todd Drive Revitalization Projects) (Account Number. CD21/810433). Of this amount $450,000 was authorized for the acquisition of the property. This resolution authorizes the reallocation of an additional $60,000 of the remaining funds to complete the acquisition, plus an additional $10,000 for property management and security services. The current balance of the fund is $2.2 million.
Title
AMENDED - Authorizing additional funds for the acquisition of an 8-unit apartment building located at 902 Magnolia Lane and the execution of a property management agreement with Broihahn Management & Consulting, LLC., and appropriating $10,000 from the contingent reserve for property management and sercurity services.
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PREAMBLE
On September 21, 2004 the Common Council adopted a resolution (Second Substitute Resolution No. 61839 ID No. 3556) determining a public purpose and necessity to acquire an 8-unit apartment building located at 902 Magnolia Lane ("Property") for park purposes. Pursuant to the recommendations of the Badger-Ann-Park Redevelopment Committee, the City has been working cooperatively with the Madison Metropolitan School District ("MMSD") to address the lack of open space in the neighborhood immediately surrounding the Property and the overall park deficiency in the Badger-Ann-Park Street area by developing an open space area that would include the southeastern corner of the MMSD's Lincoln School property and the Property. As part of this collaborative effort the City and MMSD are also exploring MMSD's use of a portion of Leopold Park for Aldo Leopold School and the City's use of the Lincoln School playground during the summer months. The acquisition of the Property will further strengthen this collaborative effort. In addition ...
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